IRDAI allows meInsurance companies will launch new products without approval
Highlight
- IRDAI said that its decision is in line with the reforms agenda taken towards creating a fully insured India
- The regulator said it is also a step towards improving the ease of doing business in the sector.
- It expressed hope that the decision would enable the industry to launch suitable products
Insurance companies can now launch insurance products without obtaining any prior approval from the Insurance Regulatory and Development Authority of India (IRDAI).
IRDAI, which is tasked with regulating and licensing the insurance industry, on Wednesday announced the extension of the ‘use and file’ process to all health insurance products and almost all general insurance products.
The decision is in line with the reforms agenda taken towards creating a fully insured India and is also a step towards improving ease of doing business in the insurance sector, the regulator said in a statement. It expressed hope that with this initiative the insurance industry would be able to launch suitable products in a timely manner.
Till now, insurance companies had to take prior approval from the regulator to launch new products.
IRDAI said, “The insurance industry is expected to utilize this opportunity to meet the dynamic needs of the market for introduction of customized and innovative products and expansion of options available to policyholders, which will help in increasing the insurance penetration in India. will help.” Told.
Read more: DGCA fines Vistara Rs 10 lakh for letting improperly trained pilot land flight at Indore airport