The Insurance Regulatory and Development Authority of India (IRDAI) gave the green signal to extend the ‘Use and File’ procedure to all health insurance products to facilitate faster customer access to health policies.
It will also apply to most general insurance products under, fire, motor, marine, and engineering.
Now, insurance firms will not have to obtain prior approval from the insurance regulator to launch new products. “The move will improve the ease of doing business in the insurance sector,” said IRDAI.
According to the circular released by IRDAI, all categories of products and add-ons or riders that are being introduced or modified under the health insurance business and offered by general and health insurance companies can be launched through the “Use and File” procedure.
But, insurers must have a board-approved policy of products that are to be offered or modified/revised.