Insurers may soon be able to launch covers without regulator nod

In 2019, there were 439 actuaries and in a year, that number has gone up by just 19

Irdai wants to move to a ‘use and file’ system where insurers can market products without first obtaining an approval from the regulator, said Chairman Subhash Chandra Khuntia.

This is in contrast to the current ‘file and use’ system where if an insurer wishes to introduce a new product, it has to file an application with the Insurance Regulatory and Development Authority of India (Irdai) and can sell the product only after getting all the regulatory approvals.

“We have already started this in some of the segments and we would like to go further. Unfortunately, this experiment which we tried sometime back,