Press note on Impetus to Insurers for Innovation (dated-13.10.2022)-IRDAI

  • 17th, October 2022
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Press note on Impetus to Insurers for Innovation (dated-13.10.2022)-IRDAI.

  • IRDAI in its sustained endeavour to promote creative innovation and ease of doing business in the Indian Insurance Sector, has extended the ‘Use and File’ procedure, i.e. launching without approval, to products falling under Miscellaneous line of insurance with a sum assured up to 5crores also.
  • With this move, all general insurance products, are now permitted to be filed under ‘Use and File’ procedure and can be launched without any prior approval. This will provide the vital fillip to the general insurance companies for a broad-based approach in designing and timely launch of the products commensurate to the market requirements and serve the policyholders effectively, furthering the insurance penetration in India, refer attachment for further details.
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