The IRDAI (Insurance Regulatory and Development Authority of India) has allowed all the health insurers and almost all other general insurance providers to launch their products without seeking prior permission from them.
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As per the statement of IRDAI chairman Mr. Debashish Panda, this change will enhance the experience & the choice of customers, and will also provide more promising pricing for them. The insurers can directly launch the product to the market and then align with IRDAI to check the trends.
As per the new guidelines, IRDAI has allowed all the general insurance provider to file their products under marine, fire, and engineering lines of business under the 'Use and File' procedure for commercial and retail categories. The purpose of the 'Use and File' procedure is to make insurers self-reliant, and they can introduce innovative products to the market without prior permission of the IRDAI. Thus, it will avoid a long waiting period for product launch, and customers can avail the benefit of them as early as possible.
Moreover, the regulator said all the add-on covers and all categories of products to be launched under the health insurance are allowed to introduce through the 'Use and File' procedure. However, they have to adhere to certain other regulations.
Furthermore, other categories of the products, including health plus life combination products, pilot products, and health package products, are now allowed to be launched under the same 'Use and File' procedure.
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