Page 51 - Insurance Times July 2022

Circular

IRDAI Circular

Product Filing procedure Use and File procedure for both Retail and Commercial
categories. However, the Retail products of Miscella-
IRDAI/NL/CIR/MISC/107/6/2022
neous lines of business (including modifications of cur-
Dated: 1st June, 2022 rent products) having initial sum insured upto Rs. 5
Crores shall continue to be filed with the Authority un-
1. Currently, the filings of General Insurance Products are
der the File and Use Procedure.
governed by the Guidelines on ‘Product Filing Proce-
4. Accordingly, Para 7.2(I) and 7.2 (III) of Guidelines on
dures for General Insurance products issued vide ref:
Product Filing Procedures for General Insurance prod-
no. IRDAI/NL/GDL/F&U/030/02/2016 dated 18th Febru-
ucts stands modified to the above effect (Para 3).
ary, 2016.’.
5. All the other provisions and requirements of Guidelines
2. The relevant provisions of product filing procedures are
on ‘Product Filing Procedures for General Insurance
as under:
products’ shall remain applicable.
a. As per para 7.2 (I) of said guidelines, ‘the File and
Use Procedures require the products to be neces- 6. This circular shall come into force with immediate ef-
sarily filed with the Authority before these are fect.
marketed. All Retail Products (including their modi-
7. The new and revision of products / add-ons filed with
fications) shall be filed with the Authority under File
the Authority prior to the effective date of this circular
and Use Procedures. However, the commercial
shall be processed as per the current provisions.
products offered to commercial customers (such as
Micro Small & Medium Enterprises, small shops and
(Anita Josyula)
establishments, trustees, cooperative societies
General Manager (Non-Life)
etc.,) with a policy Sum Insured up to 5 Crs (for
package policies fire section Sum Insured) or as Use and file procedure for all categories of
prescribed by the Authority from time to time shall
products under health insurance business
be filed under File and Use Procedures’.
- reg
b. The Commercial Products shall fall under Use and
Ref: IRDAI/HLT/REG/CIR/108/06/2022
File Procedures in terms of para 7.2 (III) of said
guidelines. Date: 01 June, 2022
3. In order to facilitate the industry to respond faster to
the emerging market needs, in terms of designing and Reference is invited to Consolidated Guidelines on Product
pricing of general insurance products and to promote Filing in Health Insurance Business ref no: IRDAI/HLT/REG/
efficiency in the conduct of general insurance business, CIR/194/07/2020 dated 22 July 2020. In partial modification
the Authority, in exercise of the powers conferred un- of these guidelines dated 22 July, 2020 and in superseding
der Section 14(2)(i) of IRDA Act, 1999 hereby permits circular ref no: IRDAI/HLT/REG/CIR/29/02/2021 on “Modifi-
the general insurers to file all products under Fire, cation guidelines on product filing in health insurance busi-
Marine, Motor and Engineering lines of business under ness” dated 08 February 2021 the following norms are in-

The Insurance Times, July 2022 51