1. This has reference to the File and Use Circular No: IRDA/ACTL/FUP/VER 2.0/DEC 2001/ dated: 12th December 2001, and also CIRCULAR NO: IRDA/ACTL/FUP/VER 2.0/DEC 2003/ dated 18th December 2003; which the insurers are required to comply with, before launching the product in the market. [The F & U Circular is specific and a detailed instruction is also provided under each item of the F & U Application.]

2. As per existing procedure, after filing of the products, insurers may use the product if they do not hear anything from the Authority (IRDA) within 30 days from the date of receipt of application at the Authority.  

In view of the difficulties experienced by the insurers, it has been decided to reduce the waiting period to 15 days with respect to the filings of the following products: (This means that if insurers do not hear from the Authority within fifteen days from the date of receipt of application for the under noted product filings at the Authority, insurers can offer sale of such products.)

a. All individual non-linked products (both participating and non-participating), where the products shall be simple Endowment assurance or Whole Life assurance or Money Back assurance or Term Assurance or all types of Immediate Annuities

b. In case of non-linked participating products, as mentioned in (a) above this 15 days waiting period is applicable only for products with reversionary bonus.

c. All modifications in respect of products which fall under sub-para (a) and (b).

d. In respect of products other than those referred in Para (2) above, the existing practice in regard to the waiting period of 30 days would continue.

3. In addition to the conditions mentioned Para (2), the following requirements should also be satisfied for availing the above relaxation.

3.1 The product shall have a minimum policy term of 5 years.

3.2 An additional certificate from CEO and the Appointed Actuary as enclosed in Annexure-I (required for all the products filed with the Authority for clearance).

3.3 A check list signed by the CEO and the Appointed Actuary as enclosed in Annexure-II (required for all the products filed with the Authority for clearance).

3.4 The product should not be attached with riders other than Accident Benefit and Permanent Disability; (this condition would apply to sub-clause (a) of Para 2. above);

3.5 The product features should offer, in case of lapses, a revival period of at least 2 years;

3.6 The product should not be modified in any regard for at least six months from the date of filing with the Authority;

3.7 Premium rates with the facility of premium calculator should be made available at the insurer’s website;

3.8 The product should be subject to the Authority’s Circular NO.01/IRDA/Actl/MC/2006-07 dated 12th July, 2006;

3.9 After launch of the product in the market, soft copy of the scanned file and use documents should be furnished to the Authority, immediately;

4. It is also proposed now to acknowledge electronically the receipt of the product at authority’s office. This date is the date of receipt of the product filing.



R. Kannan
Member (Actuary)