Question

Insurance firms have to obtain prior approval from which organization to launch new products?

Q: Answer-&lt;p&gt;Insurance firms have to obtain prior approval from which organization to launch new product...

In a bid to empower insurance companies to respond to the emerging market needs in terms of products, the Insurance Regulatory and Development Authority of India IRDAI extended the ldquoUse and Filerdquo procedure to all health insurance products and most general insurance products under, fire, motor, marine, and engineering. Currently, insurance firms have to obtain prior approval from the insurance regulator to launch new products.