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Industry Specific - Insurance Central Ministry of Finance Insurance Act, 1938

Modifications in the Use and File Procedure for Products

31-Mar-2023 | Cir. No. IRDAI/ACTL/CIR/PRO/81/3/2023

IRDAI has issued a circular regarding the 'Use and File' Procedure for Products modifying the existing procedure and enabling dynamism as well as speed to market insurance products, effective from 1st April 2023.
Procedure-
1. The documents required to be submitted under U&F circulars shall be submitted to the Product Management Committee (PMC), instead of being filed with IRDAI.
2. The PMC shall be responsible to ensure that the entire set of documents required under the U&F Procedure is complete, correct, digitally signed, and in compliance with the extant applicable legal and regulatory framework, and maintained by the PMC.
3. Insurer shall submit the certificate signed by the CEO in the standard format as specified in Annexure-A.
4. The insurer shall submit a quarterly report as per Annexure-B, with respect to the products launched for the first four quarters from the date of launch of the product.
5. Insurers shall upload the policy wordings/documents, sales literature, and premium calculator, on their website.

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