, India

India extends ‘Use and File’ system

This allows insurers to market products whilst waiting for regulator approval.

The Insurance Regulatory and Development Authority of India (IRDAI) has extended the ‘Use and File’ system procedure to all health insurance products and most general insurance products under fire, motor, marine, and engineering.

Under the ‘Use and File’ system, insurers are permitted to market products without prior approval from the regulator. The aim of this initiative is to enable the insurance industry to launch suitable products in a timely manner.

The regulator released two circulars pertaining to the system. First is a circular that allows all categories of products and add-ons or rider that are to be introduced or modified under health insurance business and offered by general and health insurance companies can be launched through the “Use and File” procedure, provided that insurers have in place a board approved policy of products that are to be offered or modified or revised.

The second circular gives general insurers permission to fill all products under Fire, Marine, Motor, and Engineering business lines under the ‘Use and File’ procedure for both retail and commercial categories. However, the retail products of miscellaneous lines of business having initial sum insured up to $50m would be continued to be filed with the regulator under the “File and Use” procedure.

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