Insurance companies can now introduce products without prior approval: IRDAI

The Insurance Regulatory and Development Authority of India (IRADI) has permitted general insurance companies to create products without the need to take prior approval from the regulator as part of the new reforms introduced by the new IRDA chairman.

The IRDAI has allowed the “Use and File” procedure for the products under the Health Insurance segment and for other general insurance products in order to promote insurance in India, and new norms are applicable from immediate effect. IRDAI Chairman Debasish Panda said that “Companies will no longer need to first take approval from IRDAI before launching a
product. They can introduce it directly to the market and then file it with us for monitoring or checking trends,”