Irda introduces File and Use procedure for life products
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 as various stakeholders of the life insurance industry approached it on the issue.
"Therefore, the Authority would be placing all the terms and conditions of the products approved on its website." At present, Irda approves all insurance products on File and Use basis.
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