Insurance Companies Can Launch New Products Without Prior Approval: IRDAI

Insurance Companies Can Launch New Products Without Prior Approval: IRDAI

SUMMARY

IRDAI called the step a “stepping stone” towards improving the ease of doing business in the insurance sector

It is expected to help the insurance industry launch suitable products in a timely manner

As per IRDAI’s 2020-21 annual report, the general and health insurers issued 24.67 Cr policies during that year

The Insurance Regulatory and Development Authority of India (IRDAI) has extended the ‘Use and File’ procedure for all health insurance and the majority of general insurance products, allowing insurance companies to launch products without any prior approval from the regulator.“It is envisaged that these initiatives will enable the insurance industry in launching suitable products in a timely manner,” read the statement.This would further help in enhancing the insurance penetration in India, IRDAI added.

In a statement, IRDAI called this a “stepping stone” towards improving the ease of doing business in the sector. This would be a major shift from the current regime where the insurance companies require the regulator’s prior approval for launching any products. 

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