Regulator allows insurance firms 'use & file' procedure for agri products

Companies can introduce a product in the market and then file with the Insurance Regulatory and Development Authority of India (Irdai) for approval

insurance
Irdai has extended the “use & file” procedure to most life insurance products, barring individual savings, individual pensions, and annuity products
Subrata Panda Mumbai
2 min read Last Updated : Jul 15 2022 | 12:41 AM IST
General insurance companies have got the regulator’s permission to file retail products for agriculture and related activities under a “use & file” procedure.

Companies can introduce a product in the market and then file with the Insurance Regulatory and Development Authority of India (Irdai) for approval. Companies till now needed Irdai’s approval before launching products but the process was delayed. Product approval would sometimes take around three months.

“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”, said Irdai in a statement on Thursday.

“Agriculture and allied activities constitute one of the largest sources of livelihood in India. Also, the adverse impact of natural catastrophes on the vulnerable segments of society is enormous and underlines the need to design and offer suitable insurance products for their protection.”

Irdai has extended the “use & file” procedure to most life insurance products, barring individual savings, individual pensions, and annuity products.

The rationale behind introducing the “use & file” procedure for most products is that the industry has matured hence it does not make sense to get the regulator’s prior approval before launching every product.

One subscription. Two world-class reads.

Already subscribed? Log in

Subscribe to read the full story →
Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

Topics :IRDAIInsurance companiesgeneral insurersInsurance firmsAgricultureInsurance industryRetailAgriculture productsagricultural sectorNational Insurance Company

Next Story