IRDA yet to receive insurers’ feedback on ‘use & file’ system

India Infoline News Service | Mumbai |

In the use and file system, insurers first introduce basic insurance products in the market and then file the product for approval to the regulator.

IRDA (Insurance Regulatory and Development Authority) chairman TS Vijayan said the regulator is yet to receive any communication from life insurers and non-life council under the proposed ‘use and file’ method of introducing insurance products.

In the use and file system, insurers first introduce basic insurance products in the market and then file the product for approval to the regulator.
At present, the regulator allows insurers to launch products under the file and use system, which requires them to get approval ahead of a new product being launched.

Vijayan was speaking on the sidelines of an event organised by IRDA for consumer education. The IRDA is yet to issue any formal guidelines for this system.






 

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