More flexibility for insurers as Irdai eases health product approvals

Move will help firms adapt to changing customer preferences

The insurance regulator’s move to permit ‘use and file’ procedure to all health insurance products and nearly all general insurance products will provide greater flexibility to insurance companies in introducing innovative products in the market that suit the changing needs of customers and result in more products in the retail segment.

Currently, the regulatory regime warranted prior approval of the insurance regulator for insurance companies to launch their products in the market, regardless of price not being determined by the regulator.

The move from ‘file and use’ to ‘use and file’ has been a long-standing demand of the insurance sector since product