Page 8 - The Insurance Times August 2022

IRDAI permits 'use & file' Agriculture and allied activities consti- "Here we now realise that this has to
tute one of the largest sources of liveli- be a continuous process, the period for
for agriculture products
hood in India. which they are allowed to test such
IRDAIhas allowed general insurers to products in the market is only limited
Also, the adverse impact of natural ca-
launch products for the agriculture and
tastrophes on the vulnerable segments to six months. We are now proposing to
allied activities without its prior ap-
of society is enormous and underlines expand that period to even up to three
proval. Last month, IRDAI had permit-
the need to design and offer suitable years, particularly for life insurance
ted insurers to launch health and most
insurance products for their protection, products," Panda said.
of the general insurance products by
IRDAI said. "Work is in progress and the insurtech
extending the ambit of 'use and file'
players are raring to grow, they are all
procedure, thus giving them greater
IRDAI may extend testing enthused, so technology is also coming
leeway in designing and pricing of in-
surance covers in line with market period to 3 years under in. Here we have to build-up our capac-
ity to regulate them in a manner as far
needs.
regulatory sandbox
as the market product is concerned,"
The 'use and file' procedure was also IRDAI is mulling to extend testing of he said.
extended to most of the life insurance products under the regulatory sandbox
products. mechanism to up to three years.
8 new Insurance Ombuds-
"In order to facilitate the insurance in- The IRDAI Chairman said all these ini-
men selected
dustry to promote insurance penetra- tiatives will help in furthering the goal
tion and enhance coverage in the un- of insurance penetration and reaching A selection panel of the Ministry of Fi-
served and underserved areas by de- out to more and more people. nance (MoF) has selected eight new
signing suitable and need-based prod- Insurance Ombudsmen for various cen-
"The insurtech ecosystem is raring to
ucts covering agriculture and allied ac- tres across the country.
grow. At IRDAI we have already devel-
tivities, the Authority...hereby permits
oped something called the regulatory Atul Sahai, former CMD, New India As-
the general insurers to file retail prod-
sandbox mechanism where the proof surance (NIA) has been selected for
ucts for agriculture and allied activities of a concept is actually being allowed Lucknow along with Manoj K Parida, a
under the Use and File procedure," it to be tested on the ground. We are in- retired IAS officer for Bhubaneswar,
said in a circular. formed that the regulatory sandbox has Bimbadhar Pradhan (retired IAS officer
some shortcomings," Debasish Panda,
This move, the regulator said will facili- for Noida), Sumeet Jerath (retired IAS
Chairperson, IRDAI said during a talk
tate insurance companies to design and officer for Delhi), C Vikas Rao (for
session.
launch innovative products for these Ahmedabad), Kiran Sahdev (LIC,
segments in a timely manner and ex- As of now, the applicants under the Kolkata), Susmita Mukherjee (a former
pand the choices available to the poli- regulatory sandbox mechanism can director, NIA for Patna), Sunil Jain (re-
cyholders. apply through cohorts. tired principal commissioner, Customs,

8 The Insurance Times, August 2022