IRDAI extends 'Use and File' for insurance products for agriculture and allied activities
Indian insurance regulator has extended the ambit of 'Use and File' procedure to products covering agriculture and allied activities, a press release issued by the Insurance Regulatory and Development Authority of India (IRDAI) said on Thursday
Indian insurance regulator has extended the ambit of 'Use and File' procedure to products covering agriculture and allied activities, a press release issued by the Insurance Regulatory and Development Authority of India (IRDAI) said on Thursday.
See Zee Business Live TV Streaming Below:
The move is aimed at improving ease of doing business and protecting the interst of those who are involved in agricultiral or allied activities.
"Insurance Regulatory and Development Authority of India (IRDAI) in its continued endeavor to protect the interests of all segments of policyholders and improve the ease of doing business has now extended the ‘Use and File’ procedure to products covering Agriculture and allied activities," the IRDAI release said.
Agriculture and allied activities constitutes one of the largest sources of livelihood in India, the release said.
"The adverse impact of natural catastrophes on the vulnerable segments of society is enormous and underlines the need to design and offer suitable insurance products for their protection. This move will facilitate the insurance companies to design and launch innovative products for these segments in a timely manner and expand the choices available to the policyholders," the release said.
The insurance watchdog had on 10 June extended the ‘Use and File’ procedure for most of the Life Insurance products taking forward its reform agenda.
This means now the life insurance companies can also launch these products without prior approval of IRDAI. This came on the heels of similar relaxations extended to all the Health Insurance products and almost all the General Insurance products by IRDAI through its circular issued on 1 June 2022.
Earlier, it was made mandatory for the insurance companies to take prior approval before launching any life insurance product. The IRDAI's relaxation comes as the regulator now opines that the industry is more mature now and it was "envisaged that necessary relaxations may be allowed".
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Tata Power Q4 Results Preview: Tata group electricity generator likely to clock 22% PAT jump, 193 bps margin improvement
Gold and Silver rate today (May 7, 2024): Precious metals subdued; yellow metal above Rs 71,300; white metal above Rs 82,850
Aadhar Housing Finance IPO: Check Anil Singhvi's view on Rs 3,000 crore issue | Subscription, allotment dates and other details
5 investment schemes that provide monthly pension to senior citizens fixed deposit fds savings scss guaranteed return atal pension yojana post office monthly income swps mutual fund
05:14 PM IST