Irda brings back auto clearance process for life products
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To fast-track the approval mechanism, insurance sector regulator Irda on Tuesday re-introduced the process of automatic clearance to life insurance products.
The Insurance Regulatory and Development Authority (Irda) said in a circular that the process "...requires the insurers to submit a copy of policy document with policy schedule under File and Use application... in respect of all products filed from April 1, 2013 onwards".
Irda had dispensed with the submission of policy document under File and Use or automatic clearance procedure in 2007. The regulator said it has re-introduced the approval of policy bond under File and Use procedure after various stakeholders in the life insurance industry approached it on the issue.