Latest News

IRDAI eases approval norms for health, general insurance products

Insurance Regulatory and Development Authority (IRDAI) allowed insurers to offer health and most of the general insurance products to customers without its prior approval

PSU Watch Bureau

New Delhi: In a bid to improve ease of doing business, regulator IRDAI on Wednesday allowed insurers to offer health and most of the general insurance products to customers without its prior approval.

IRDAI has tweaked the 'Use and File' procedure for all the health insurance products and almost all the general insurance products in line with the reform agenda taken up towards having a fully insured India.

"This is a stepping stone towards improving the ease of doing business in the insurance sector by moving from the current regime requiring prior approval for launching the products to a regime where products could be launched without any prior approval," it said.

The regulator further said that it is envisaged that the initiatives will enable the insurance industry in launching suitable products in a timely manner.

The insurance industry is expected to use this opportunity for the introduction of customised and innovative products, and expansion of the choices available to the policyholders to address the dynamic needs of the market, which will further help in enhancing the insurance penetration in India, it added.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

Tata Power Renewable commissions 126 MW floating solar project in MP

GRSE registers total income of Rs 2,311 crore in first half of fiscal 2024-25

India has limited critical mineral reserves, players need long-term supply sources: CareEdge

RCF net profit up 55% to Rs 79 crore in Sep quarter

Mines Ministry, IEA sign pact for cooperation in critical mineral sector