The Insurance Regulatory and Development Authority of India (IRDAI) on 1st June 2022, has extended the use and file procedure to all health insurance products. The Insurers shall have in place the Board approved policy of products that are to be offered or modified/revised which shall at minimum address:
- the philosophy of the company in enhancing the insurance penetration
- the health insurance needs of the insurable population
- Provision of inclusive insurance to all the market segments
- the need for providing simple and easily comprehendible products.
Insurers shall file the proposed name of the product, date of approval by Product Management Committee and shall obtain the UIN. Thereafter, Insurers shall file the product along with all other documents specified in Consolidated Guidelines on Product Filing in Health Insurance Business dated 22 July, 2020 with the Authority within 7 days of launch of the product.
Insurers shall ensure that the product pricing is viable, self-sustainable and affordable to the targeted market.
Further, the Insurers shall comply with the provisions of Insurance Act, 1938, all other applicable regulations and guidelines / circulars notified thereunder while launching the products.
