Page 49 - Insurance Times March 2016 Sample
P. 49
Circular
IRDAI Circular
Filing of Micro Insurance Products sub- be permitted to continue to offer the existing Gen-
sequent to the implementation of IRDAI eral Micro insurance Product with modified terms.
(Micro Insurance) Regulations, 2015
(iii) The Authority on recording such changes may allow
To All the Non Life/Health Insurers the Insurers to continue to offer the existing Gen-
eral Micro Insurance Products with modified terms.
Ref: IRDA/LIFE/CIR/MIN/007/01/2016
(iv) Where the existing General Micro Insurance Prod-
Date: 08-01-2016 uct does not have Product Unique Identification
Number, the Authority shall allot the unique identi-
1. Reference is invited to Regulation (8) (1) of IRDAI (Micro fication number.
Insurance) Regulations, 2015 (MIR, 2015) which speci-
fies that every insurer is subject to File and Use Proce- (v) On examining the modification proposed, the Au-
dure with respect to filing of Micro Insurance Products thority reserves the right to direct the Insurer to file
with the Authority. Reference is also invited to Schedule the product afresh in accordance to the provisions
I of MIR, 2015 that specified the terms in respect of of MIR, 2015 and other applicable regulations/guide-
General Micro Insurance Products defined at Regula- lines relating to the Insurance Products.
tion (2) (d) of MIR, 2015.
(vi) The Authority reserves the right, in such cases to
2. In accordance with the provisions of Regulation (18) of take appropriate action if it is established that this
MIR, 2015 it is clarified that Insurers are now permitted assertion of the Company was not well founded.
to adopt the existing General Micro Insurance Products
so as to meet the terms specified in Schedule - I of MIR, 3. The above procedure is applicable only in respect of those
2015 by complying with the following conditions. existing General Micro Insurance products that other-
(i) Insurers at their discretion may modify the existing wise fulfill the terms specified in Schedule - I of MIR,
General Micro Insurance Product features other 2015 subject to the conditions specified herein.
than those relating to any benefits offered, premium
bases, loading levied or discounts offered in the prod- MEMBER (LIFE)
ucts. It is further clarified that any change in the
Sum Assured or any other terms specified in Sched- Guidelines on Cross Border Reinsurers
ule - I of MIR, 2015 shall not impact the price of the
product. To All CEOs/CMDs/Incharges of General Insurance
Companies/Standalone Health Insurers/GIC Re/
(ii) Where such modifications suffice to render the Gen- Exempted Insurers/Foreign Reinsurance Branch
eral Micro Insurance Product compliant to MIR, offices/Reinsurance Brokers
2015, then on the basis of a certificate to that effect
filed by the Appointed Actuary and the CEO in the Ref: IRDAI/NL/GDL/RIN/017/01/2016
format prescribed at Annexure - I, the Insurers may
Date: 19-01-2016
The above guidelines are revised herewith in order to make
The Insurance Times, March 2016 49
