The Insurance and Regulatory and Development Authority of India (IRDAI) on June 20, 2023, issued a notification regarding the “Use and File” Procedure for Life Insurance Products.
The following has been stated namely: -
• The scope of the current Use and File procedure has been expanded in order to facilitate the insurance industry to promote insurance penetration.
• Circular No. IRDAI/ACTL/CIR/PRO/207/10/2022 which states “Circular on the filing of Products/Riders for Life Insurance Business” has been amended namely: -
1. Para No. 10.4 of Section B of Chapter I is substituted with:
Individual & Group unit-linked life & health insurance products.
2. New para 10.10 added after para 10.9 of Section B of Chapter I:
Combi products, where the life insurer is a lead insurer, and such Combi products shall comply with the extant norms.
3. In Section B of Chapter I, para 11.3.3 has been inserted namely: -
“The current SFIN clearance process by IRDAI is dispensed with. However, insurers shall comply with the provisions of Para – 4.15 (a) (1) (2) and (3) of the Investment Master Circular Ref: IRDA/F&I/CIR/INV/226/10/2022 dated 27.10.2022 which contains among others all prudential and exposure norms as per Regulation 9 of IRDAI (Investment) Regulations, 2016 as amended from time to time at each segregated fund, as well as AUM of ULIP”
4. Para 14.8 has been inserted in Section C of Chapter I namely: -
“Addition of new unit linked funds to existing unit linked products. The modifications permitted under this clause shall comply with Para 11.3.3 of Section B of Chapter I, as mentioned under Para-3.3 above. Once the new fund(s) is/are added to existing or new unit linked product(s), the fund(s) shall be treated as existing fund(s) for subsequent unit linked products for the purpose of para-15.4 of circular dated 04.10.2022”
This shall come into force on June 20, 2023
