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Title: Exposure Draft
Reference No.: IRDAI/F&U Guidelines/2015
Date: 13/11/2015
Draft Exposure on GUIDELINES ON “PRODUCT FILING PROCEDURES FOR GENERAL INS
The current guidelines on file and use requirement for general insurance products have been in operation since September, 2006. These guidelines were issued when general insurance business was de-tariffed. The guidelines on file and use requirements for general insurance products have been reviewed based on the experience gained so far and taking into account the feedback received from various stakeholders.
The core principle while reviewing the above guidelines was to take into account of varying needs of retail and commercial policyholders and bringing more efficiency in the current filing system. It thus becomes imperative to cater to the needs of the customers which are evolving and changing rapidly. It is critical that the insurance industry is alive to this reality and modernizes its procedures and policy forms in tune with the times.
In order to have a holistic and structured approach in devising appropriate revisions in guidelines, IRDAI, vide its circular No. IRDAI/NL/CIR/F&U/112/04/2014 dated 17th April 2014 constituted a Working Group to review the extant guidelines and to recommend changes to meet the above objectives.
The following were considered as the terms of reference for the working group.
- Review of File and Use guidelines issued by the Authority vide 021/IRDAI/F&U/Sept.06, dated 28th September, 2006 and all other circulars related to the guidelines issued by IRDAI from time to time
- Recommend new File and Use guidelines taking into account the changed requirements in the de-tariffed regime
The working group, as part of its methodology, met all the stakeholders of the general insurance products and collected their views. In addition to this, the working group also studied product approval process in some other countries as well as the Indian laws, regulations and regulatory guidelines that could have an impact on the filing process of general insurance products. The workgroup report has been placed on IRDA website and the comments of stakeholders were invited.
Keeping the above in view and after considering the comments of General Insurers, GI Council and others, the revised draft guidelines for filing of general insurance products have been formulated.
All stakeholders are requested to offer their comments/ suggestions on the proposed guidelines for consideration of the same by the Authority. The comments/suggestions should reach the Authority by 30th November, 2015 in the format as below to the undersigned by e-mail at suresh at irda dot gov dot in and to my colleagues Mr. N M Behera, Deputy Director e-mail : nmbehera at irda dot gov dot in
(Suresh Mathur)
Sr. Joint Director
FORMAT FOR SUGGESTIONS/COMMENTS ON DRAFT GUIDELINES ON
“PRODUCT FILING PROCEDURES FOR GENERAL INSURANCE PRODUCTS”
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Changes Suggested by
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· It is suggested that one page may be used for one change
· This will enable us to group all the suggestions and take a decision on changes suggested
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Page No/ forms/ Annexures
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Guidelines/
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Guidelines and Para number
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Signature
Name
Designation
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