Supreme Court: Ad Valorem Court Fees Apply to Appeals Seeking Statutory Land Acquisition Benefits  ||  Supreme Court: Cruise Voyages Remain Shipping Business under Section 44B Despite Onboard Services  ||  Supreme Court: People Abandon Cattle on Roads But Object to Their Use For Food  ||  Supreme Court Stays CIC Decision Declaring NSE Subject to the RTI Act  ||  SC: Wife May Be Denied Interim Maintenance if Husband Ex Facie Establishes Adultery  ||  SC: Prior Testimony is Inadmissible without Section 299 CrPC Order against Absconder  ||  Supreme Court: Administrative Action Can't Be Invalidated Solely for Lacking Formal Order  ||  Calcutta High Court: Section 141 NI Act Does Not Apply to Sole Proprietorships  ||  Orissa High Court Criticizes Magistrate for Defying Direction in Cheque Bounce Case  ||  Delhi High Court Safeguards Yuvraj Singh's Personality Rights, Orders Deepfake Takedown    

Product Filing Procedure for All General Insurers (Other than Stand Alone Health Insurers)- (Insurance Regulatory and Development Authority) (01 Jun 2022)

MANU/IRDA/0034/2022

Insurance

Re: Product Filing procedure

1. Currently, the filings of General Insurance Products are governed by the Guidelines on 'Product Filing Procedures for General Insurance products issued vide ref: no. IRDAI/NL/GDL/F&U/030/02/2016 dated 18th February, 2016.'.

2. The relevant provisions of product filing procedures are as under:

a. As per para 7.2 (I) of said guidelines, 'the File and Use Procedures require the products to be necessarily filed with the Authority before these are marketed. All Retail Products (including their modifications) shall be filed with the Authority under File and Use Procedures. However, the commercial products offered to commercial customers (such as Micro Small & Medium Enterprises, small shops and establishments, trustees, cooperative societies etc.,) with a policy Sum Insured up to 5 Crs (for package policies fire section Sum Insured) or as prescribed by the Authority from time to time shall be filed under File and Use Procedures'.

b. The Commercial Products shall fall under Use and File Procedures in terms of para 7.2 (III) of said guidelines.

3. In order to facilitate the industry to respond faster to the emerging market needs, in terms of designing and pricing of general insurance products and to promote efficiency in the conduct of general insurance business, the Authority, in exercise of the powers conferred under Section 14(2)(i) of IRDA Act, 1999 hereby permits the general insurers to file all products under Fire, Marine, Motor and Engineering lines of business under Use and File procedure for both Retail and Commercial categories. However, the Retail products of Miscellaneous lines of business (including modifications of current products) having initial sum insured upto Rs. 5 Crores shall continue to be filed with the Authority under the File and Use Procedure.

4. Accordingly, Para 7.2(I) and 7.2 (III) of Guidelines on Product Filing Procedures for General Insurance products stands modified to the above effect (Para 3).

5. All the other provisions and requirements of Guidelines on 'Product Filing Procedures for General Insurance products' shall remain applicable.

6. This circular shall come into force with immediate effect.

7. The new and revision of products / add-ons filed with the Authority prior to the effective date of this circular shall be processed as per the current provisions.

Tags : PRODUCT FILING   PROCEDURE   GUIDELINES  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved