IRDA identifies 18 product categories for standardisation

The Insurance Regulatory and Development Authority (Irda) has identified 18 product categories for standardisation. This will help insurers quickly launch their products. Under the ‘file and use’ mandate, companies have not been able to offer products until they are approved. And, product approval in the industry takes time. So, Irda has proposed standardising some products that can be offered within 15 days of being filed with the regulator.

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