Title: To all CEOs of Non-Life Insurers, Health Insurers & CEO of CSC-SPV
Reference No.: IRDA/INT/CIR/CSC/138/07/2016
Addition of Products for sale through CSC-SPV
Your attention is drawn to the IRDAI (Insurance Services by Common Service Centers), Regulations, 2015 dated 5th October, 2015 which gives the types of products that can be solicited by the CSC-SPV.
However, recently there are requests made to the Authority by some of the insurers and CSC-SPV to expand the list of products given under SCHEDULE-III of Reg 13 so as to have some parity between the products sold through CSC-SPV and those sold through Point of Sale (POS).
The Authority on examinationof the request made, has decided to include the following additional products which can be solicited and marketed through CSC-SPV:
1) Travel Insurance policy
2) Home Insurance
3) Crop insurance (Government insurance schemes such as Pradhan Mantri Fasal Bima Yojana (PMFBY), Weather Based Crop Insurance Scheme (WBCIS) & Coconut Palm Insurance Scheme (CPIS) without any limit on Sum Insured).
4) Government insurance schemes such as Pradhan Mantri Jeevan Suraksha Bima Yojana (PMJSBY) without any limit on Sum Insured.
The above mentioned products shall be as per terms defined under the Reg 13 & Schedule III of the IRDAI (Insurance Services by Common Service Centers), Regulations, 2015 except for Government Schemes wherein the terms, conditions, benefits etc. are decided by the Government. Therefore the File & Use procedure applicable to Government Schemes may be followed.
Further the company shall pre-fix with the word CSC to those products to sell it through the CSC-SPV channel. In addition, the company may prepare MIS reports covering number of policies issued, premium procured, sum insured at risk, RAP involved, etc.
(P. J. Joseph)