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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, we found that some of the ‘use and file’ products did not live up to the regulatory requirement,” he said at the Virtual Actuarial Conclave 2021. ....

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