In order to make life insurance products more customer-friendly, the insurance regulator has introduced changes in filing new or modified products and procedures for modifications of the existing products. For all linked and non-linked products, the insurer will follow the extant ‘File and Use’ procedure for filing new or modified products/riders.
For products and riders which fully comply with extant norms and regulations, the regulator will endeavour to clear the ‘File and Use’ applications within one month from the date of receipt. In case the information in the ‘File and Use’ application and other documents is incomplete or incorrect, the product rider will be closed and will be returned to the insurer.
