IRDAI made the approvals for Life Insurance

Jun 25, 2023 | by TeamLease RegTech Legal Research Team

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Industry Specific Compliance The Insurance Regulatory and Development Authority of India (IRDAI) on June 23, 2023, issued the extension of the ‘Use and File’ Procedure.

The following has been stated namely: -

• The ‘Use and File’ procedure has been extended to Group Unit-Linked Insurance products, Individual Unit Linked Insurance products which are offered with new funds, and Combi products wherein Life Insurer acts as the lead.

• Now, life insurers can launch these products without prior approval, enhancing the ease of doing business and encouraging swift response to market demands.

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