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IRDAI mandates e-filing for products approval

IRDAI issued a circular today to all non-life insurance companies (except health) stating that all products have to filed online for approval.

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Last Updated - May 16, 2023
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IRDAI issued a circular today to all non-life insurance companies (except health) stating that all products have to filed online for approval.

The circular states that effective 5th June 2015 all products whether new or modifications/additions to existing products, have to be filed online for approval using Business Analytics Project (BAP), the online module introduced by IRDAI.

Compliance to be adhered by insurer while making an e-application –
Form A – Particulars of the product
Form B – Certificate by CEO
Form C – Certificate by Appointed Actuary and its technical notes
Form D – Certificate by the Company’s Lawyer, copies of prospectus along with rate chart, copies of proposal form, policy wordings, standard endorsements and underwriters manual.

Process to be followed by insurer while making an e-application –

Insurers are required to upload the products for approval at http://www.irdabap.org.in
After the documents are filed online the authorized person has to digitally sign and upload the same in the module. Class 2 and class 3 digital signature of the authorized signatory can be used to digitally sign and upload the documents.
IRDAI has organized a demo session to facilitate smooth transition from manual filing to e-filing

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