Now, insurers can launch products without prior nod

New Delhi, June 10

Advertisement

Irdai on Friday extended the ‘use and file’ procedure for most of the life insurance products, thereby allowing insurers to launch new products without prior approval of the regulator.

This comes days after Insurance Regulatory and Development Authority of India (Irdai) had extended similar relaxations to health insurance products as well as general insurance covers. In a press release, Irdai said it has extended the ‘use and file’ procedure for most of the life insurance products. “This move will enable life Insurers to launch most of the products (except individual savings, individual pensions and annuity) in a timely manner according to the dynamic needs of the market,” the regulator said.