Page 50 - The Insurance Times May 2021

Circular

IRDAI Circular

Standard Technical Note (Template)- Motor Standard Technical Note (Template)- Health
Insurance Insurance
IRDAI/ACT/CIR/MISC/070/04/2021 IRDAI/ACT/CIR/MISC/069/04/2021
Date:01-04-2021 Date:01-04-2021

1. This circular is issued in exercise of the power vested 1. This circular is issued in exercise of the power vested
under section 14(2)(e) of the IRDA Act, 1999. under section 14(2)(e) of the IRDA Act, 1999.

2. Reference is drawn to the Circular No. IRDAI/NL/GDL/ 2. Reference is drawn to the Circular No. IRDAI/ HLT/ REG/
F&U/030/02/2016dated 18th February, 2016 on CIR/ 194/ 07/ 2020 dated 22nd July, 2020 on
“Guidelines on Product Filing Procedures for General “Consolidated Guidelines on Product filing in Health
Insurance Products”. In terms of the above Circular, Insurance Business”. In terms of the above Circular,
insurers are required to submit a Technical Note insurers are required to submit a Technical Note
detailing pricing aspects of general insurance product detailing pricing aspects of health insurance product
as a part of filings. filing.

3. In order to expedite the product clearance process, it 3. In order to expedite the product clearance process, it
has been decided to standardize the Technical Note so has been decided to standardize the Technical Note so
that insurers can provide all necessary details in a that insurers can provide all necessary details in a
prescribed standard format. This will help to ensure prescribed standard format. This will help to ensure
uniformity amongst insurers in the matter of filing uniformity amongst insurers in the matter of filing
pricing and product related information for general pricing and product related information for health
insurance products. insurance products.

4. Insurers shall submit Technical Note providing complete 4. Insurers shall submit Technical Note providing complete
information and duly signed by the Appointed Actuary information and duly signed by the Appointed Actuary
as per the prescribed format. The format is enclosed as per the prescribed format. The format is enclosed
as Annexure – 1 with this Circular. as Annexure – 1 with this Circular.

5. Discounts/loadings, if any, shall be offered by the insurer 5. In case, a General Insurance packaged product has
as per the criteria mentioned in the Technical note. Health as one of its sections or covers, this Technical
Note template shall be used for health portion of the
6. This Standard Template shall come into force with
packaged product.
immediate effect.
6. This Technical Note format shall also be used while filing
(P K Arora) PA (Personal Accident) and Pilot health insurance
Member (Actuary) products.

50 The Insurance Times, May 2021