Insurance Companies Can Launch Products Without Prior Approval: IRDAI
The Insurance Regulatory and Development Authority of India (IRDAI) has allowed general insurance companies to introduce products without seeking prior approval from the regulator, in what is the first major reform by the new IRDA chairman.
The insurance industry is expected to use this opportunity for introduction of customised and innovative products, expansion of the choices available to the policyholders Doing away with seeking prior permissions has been a long standing demand for the industry.
The IRDAI said it has extended the ‘use and file’ procedure for all the Health Insurance products and almost all the general insurance products in line with the reform agenda taken up towards having a fully insured India.
