IRDA introduces product planner rule

India Infoline News Service | Mumbai |

The planner would give an indication of the number of products an insurer proposes to file each quarter.

The Insurance Regulatory Development Authority (IRDA) has introduced product planner rule by which an insurance company can file only five products for approval a year.
In order to reduce the time taken for product approvals, IRDA has asked life insurers for a product planner before every financial year. The planner would give an indication of the number of products an insurer proposes to file each quarter.
According to IRDA, if the number of products exceeded five, the insurer should furnish supporting market research, product-wise persistency for the 13th month, 25th month and 37th month as on April 30 of the previous year.
At present, IRDA follows the file-and-use method of application, wherein insurers apply to obtain prior approval of the Authority to introduce / modify insurance products.
Beginning April 2014, insurers have been advised to file this planner, at least 45 days before the beginning of the next financial year, that is, before February 15 of each year.
 

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