irdai: New insurance covers don’t need Irdai’s nod

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MUMBAI: In abid to improve the ease of doing business, the Insurance Regulatory and Development Authority of India (Irdai) has introduced a ‘use and file’ procedure — which allows insurers to launch a product first and then file its details with the regulator — for all health insurance covers and almost all general insurance products. Until now, the regulatory regime required prior approval for launching products.
“It is envisaged that these initiatives will enable the insurance industry in launching suitable products in a timely manner. The insurance industry is expected to use this opportunity for introduction of customised and innovative products,” Irdai said in a statement.

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A ‘use and file’ system has been a long-standing demand of the industry. It was originally envisaged that insurers would be allowed to file and use their products. However, industry officials…

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