Government gave big relief to insurance companies, now health, general insurance products can be offered without approval

irda relaxes approval norms for health, general insurance products

This step has been taken as part of the reform measures to bring India completely under insurance. The insurance regulator said that with this initiative, the insurance industry will be able to introduce suitable products in a timely manner.

Insurance Regulatory and Development Authority of India (IRDAI) has allowed insurance companies to offer health and most general insurance products without its approval. This move will improve the ease of doing business. Also, insurance companies will be able to offer their products to customers without regulatory approval. IRDA has changed the Use and File procedure for all health and almost all general insurance products to bring India fully under insurance. India completely insurance ,InsuranceThis step has been taken as part of the reform measures to be brought under

IRDA said, this is a step towards Ease of Doing Business in the insurance sector. Pre-approval is required for products to be offered in such an arrangement in the current regime, whereas they can be offered without prior approval.

The insurance regulator said that with this initiative, the insurance industry will be able to introduce suitable products in a timely manner. Commenting on IRDAI’s move, Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said, “This initiative by the regulator will provide some much-needed mechanisms to insurers who wish to bring more innovative products to the market at a faster rate.” keep.

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