Irdai extends 'Use & File' procedure to health and general insurance plans

Currently, insurance companies have to obtain prior approval from the insurance regulator to launch new products

In a bid to empower insurance companies to respond to the emerging market needs in terms of products, the Insurance Regulatory and Development Authority of India (Irdai) on Wednesday extended the “Use and File” procedure to all health insurance products and most general insurance products under, fire, motor, marine, and engineering.

Currently, insurance firms have to obtain prior approval from the insurance regulator to launch new products. “This is a stepping stone towards improving the ease of doing business in the insurance sector by moving from the current regime requiring prior approval for launching the products to a regime where