The Insurance Regulatory and Development Authority of India on 14th July 2022, has extended the ‘Use and File’ procedure to products covering Agriculture and allied activities. This move will facilitate the insurance companies to design and launch innovative products for these segments in a timely manner and expand the choices available to the policyholders.
In order to facilitate the insurance industry to promote insurance penetration and enhance coverage in the unserved and underserved areas by designing suitable and need-based products covering Agriculture and allied activities, IRDAI has permitted the general insurers to file Retail products for Agriculture & allied activities under the Use and File procedure.
New as well as revised products/add-ons covering Agriculture and allied activities filed with the Authority prior to the operation of this circular will be processed as per the current provisions.
