MP High Court: Estranged Husband Entitled to Loss of Consortium Compensation After Wife’s Death  ||  J&K & Ladakh HC: Claims under Roshni Act Void Ab Initio, Ownership Rights Null from Inception  ||  Madras High Court Directs Expedited Trials in 216 Pending Criminal Cases Against MPs and MLAs  ||  MP High Court: Allowing Minor to Drive Without Valid License Constitutes Breach of Insurance Policy  ||  Punjab & Haryana High Court: Cyber Fraud Cases Uphold Public Trust, Cannot Be Quashed by Compromise  ||  SC: Customer-Banker Relationship Based on Mutual Trust, Postmaster’s Reinstatement Quashed  ||  Supreme Court: Company Buying Software for Efficiency and Profit Is Not a ‘Consumer’ under CPA  ||  SC: Long Custody or Trial Delay Not Ground for Bail in Commercial Narcotic Cases if S.37 Unmet  ||  Calcutta HC Disqualifies Politician Mukul Roy from Assembly under Anti-Defection Law  ||  Supreme Court Bans Mining in and Around National Parks and Wildlife Sanctuaries    

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 2025 - All Rights Reserved