Page 209 - IC38 GENERAL INSURANCE

The File and Use application for the prior approval of the Authority shall
be certified by the Appointed Actuary and the CEO of the insurance
company and shall be in such formats and accompanied by such
documentation as may be stipulated by the Authority from time to time.

d) Withdrawal of health insurance product

1. To withdraw a health insurance product, the insurer shall take
prior approval of the Authority by giving reasons for withdrawal
and complete details of the treatment to the existing -
policyholders.

2. The policy document shall clearly indicate the possibility of
withdrawal of the products in the future and the options that
would be available to the policyholder on withdrawal of the
products.

3. If the existing customer does not respond to the insurer‟s
intimation, the policy shall be withdrawn on the renewal date and
the insured shall have to take a new policy available with the
insurer, subject to portability conditions.

4. The withdrawn product shall not be offered to the prospective
customers.

e) All particulars of any product shall after introduction be reviewed by the
Appointed Actuary at least once a year. If the product is found to be
financially unviable, or is deficient in any particular the Appointed
Actuary may revise the product appropriately and apply for revision
under File and Use procedure.

f) Five years after a product has been accorded File and Use approval, the
Appointed Actuary shall review the performance of the product in terms
of morbidity, lapse, interest rates, inflation, expenses and other
relevant particulars as compared to the original assumptions made while
designing such product and seek fresh approval with suitable
justifications or modifications of the earlier assumptions made.

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