CIRCULAR NO.IRDA/NL/CIR/ADV/105/05/2015, DATED 13-5-2015


CIRCULAR NO.IRDA/NL/CIR/ADV/105/05/2015DATED 13-5-2015

Authority is initiating the process of online filing and submission of products by the insurer in a phased manner. The module enabling the filing or submission of new product/add-on application or revised product/add-on application relating to Non-Life Department (except health) is ready for release.

Insurers are required to access the website for submission of new product/add-on application and revised product/add-on application. The Administrator User-Id and Password was made available to the Principal Officers/ Compliance officers in separate emails. The profiles of the other Users (sub id) have to be created by the Administrator.

Insurers are advised to submit the Non-Life new products from 01-June-2015 onwards in the Product Filing (Non-Life) Module.

The Authority shall organize a demo session by 20th May, 2015 in Mumbai to enable insurers to file the applications in an online environment. Details of the same shall be communicated to all the insurers separately.

Insurers are required to note that:

I. The application will require an IRDA approval in all cases.
lI. Documents required to be filed:
1. The documents to be filed in respect of every new product or revision of an existing product in respect of products classified under File & Use Guidelines shall be as follows:
2. Statement filing particulars of the product in Form A;
3. Certificate by the Chief Executive Officer in Form B;
4. Certificate by Appointed Actuary in Form C;
5. Certificate by the company’s lawyer in Form D;
6. Copies of Prospectus along with rate charts and other sales literature relating to the product;
7. Copy of Proposal Form;
8. Copy of Policy wordings and copies of the standard endorsements to be used with the policy; and
9. Copy of the Underwriter’s Manual in respect of the product along with the list of declined risk, if any.
10. Technical Note by Appointed Actuary
11. Claim Form
12. Claim Manual
13. Any other document relevant to filing
III. The instructions for filing the new products are placed in the login area of Non-Life Module of the BAP. The Authority may revise the same based on requirements and suggestions, and the updated version, if any, shall be made available to the users.
IV. The provision to capture existing product (legacy) data in BAP is under process and would be made available by 15-June-2015. Post the release of the particular functionality, insurers will be instructed separately on the usage of the same. This will facilitate modification and cancellation of existing products.
V. The updated version of user manual which would facilitate in insurer group in filing of product application is placed along with this circular for perusal of all concerned. The version would be updated from time to time and shall be made available to users.
VI. The helpline system is made available in the BAP module and the queries will be attended by the team on priority basis. Insurers may also escalate the issues at the following:
Issues Can be escalated to* Contact No.
Application/ Technical Issues [email protected] 040 2338 1111
Product filing Related Queries/Issues Mr. Mahipal Reddy, D D Non-Life Dept [email protected] 040-23381127
*Please note that queries have to be routed through Helpline in the Module. If not resolved within reasonable time, escalations can be made to these IDs/contact nos.
VII. Class 2 and Class 3 digital signatures of the Authorized signatories shall be accepted by the Module. Insurers are required to obtain Digital Signatures from Authorized Vendors (i.e. E-Mudra, Sify, etc).
VIII. Insurers are also advised to ensure that there are adequate manual controls and validation in order to ensure that the data is submitted through the system in factually correct and matches.
IX. The document submission guideline document is placed along with the user manual at our portal and will be updated on a regular basis.
X. The process of manual submission of F&U application will continue till further notice.
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