The Insurance Regulatory and Development Authority of India on 4th October 2022, has allowed certain modifications to be carried out through Use & File process as per its earlier circular dated 7th March 2013 in order to facilitate the life insurance industry to respond faster to the emerging market needs, in terms of designing and pricing of insurance products and to promote ease of doing business.
The insurers were also allowed to introduce certain types of new products/riders under U&F process in the market in a timely manner according to the dynamic needs of the market. Based on feedback from Insurers/Appointed Actuaries, a prompt review of various circulars relating to filing of products was conducted and appropriate modifications have been carried out.
The insurer can offer the product/rider for sale in the market after obtaining the Unique Identification Number (UIN) from the Authority. No insurer shall distribute the life insurance product through any person who is not authorized as per the provisions of the Insurance Act, 1938 for the purpose of the soliciting and procuring insurance business.
The insurers shall have Board approved underwriting policy. Further, the filing shall comply with additional guidance including any check-list issued/communicated by the Authority from time to time. Every insurer shall file a Product Performance Report in the prescribed format for each financial year.
