04.10.2022
To
CEOs/Principal Officers of all Life Insurers
A. Objective:
i. The “File and Use (F&U) Procedure- Life Insurance Products” was initially notified on 12.12.2001. Various circulars/guidelines pertaining to filing of products/riders were issued subsequently from time to time.
ii. 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, certain specified modifications were allowed to be carried out through Use & File process as per circular Ref No.: IRDA/ACT/CIR/MISC/054/03/2017 dated 07.03.2017. Later on scope of these modifications were further extended by Circulars ref. IRDAI/ACT/CIR/MISC/124/07/2019 dated 26.07.2019 and Cir No. IRDAI/ACTL/CIR/MISC/115/06/2022 dated 10.06.2022.
iii. Vide Cir No. IRDAI/ACTL/CIR/MISC/115/06/2022 dated 10.06.2022, 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.
iv. 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.
v. This Circular consolidates and updates all the earlier circulars/guidelines. While consolidating the circulars, necessary changes/deletions/updates have been carried out such that all the aspects are objectively and precisely addressed. The consolidation also addresses the objective of reducing compliance burden and ease of doing business.
vi. This will facilitate the life insurers to have updated consolidated circulars/guidelines on products/riders filing at one place which will enhance the ease of doing business.
B. Applicability: This Circular is applicable to all insurers carrying on the business of life insurance.
C. This Circular is issued in accordance with the power vested under section 14(2)(e) of the IRDA Act, 1999.
D. This Circular shall come into force with immediate effect.
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