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    Question

    Insurance firms have to obtain prior approval from which

    organization to launch new products?
    A PFRDA Correct Answer Incorrect Answer
    B RBI Correct Answer Incorrect Answer
    C LIC Correct Answer Incorrect Answer
    D IRDAI Correct Answer Incorrect Answer
    E SEBI Correct Answer Incorrect Answer

    Solution

    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 “Use and File” 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.

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