Dated : 12th May, 2022
1. The Authority, vide notification F.No.IRDAI/Non-life Insurance/5/171/2020 de-notified erstwhile All India Fire Tariff (AIFT) for certain risks. Further, it was notified that with effect from 1st April, 2021, Fire and allied perils covers for the specified risks shall be subject to regulations and/or guidelines enunciated in this regard by the Authority.
2. Accordingly, the Authority issued guidelines for standard products for Fire and allied perils for dwellings, micro and small businesses, namely Bharat Griha Raksha, Bharat Sookshma Udyam Suraksha and Bharat Laghu Udyam Suraksha vide Guidelines Ref. IRDA/NL/GDL/MISC/004/01/2021 and IRDA/NL/GDL/MISC/005/01/2021 dated 4th January, 2021. These standard products replaced the Standard Fire and Special Perils (SFSP) policy for the named risks and no product other than the standard products was permitted for Fire and allied risks.
3. After considering the increasing demand for new covers in the fire line of business, the Authority, in exercise of powers under Section 14(2)(i) of IRDA Act, 1999 hereby permits general insurers to design and file alternative products covering Fire and allied perils for the risks de notified vide notification referred in para 1 above. Such alternative products may be variations of the standard product and may include already approved add-ons as part of the base product or may delete an existing provision. However, the definitions and wordings of terms used in the standard product shall be the….
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Circular : https://www.dropbox.com/s/a5i6qysqkgh2rvg/Filing%20of%20fire%20insurance%20products.pdf?dl=0