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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
