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The Insurance Regulatory and Development Authority of India allows non-life insurers, health insurers, and CSC-SPV to sell additional insurance products through the CSC-SPV channel. The added products include travel insurance policies, home insurance, specific crop insurance schemes, and government insurance schemes. Insurers must prefix the word CSC to these products before sale through the CSC-SPV channel. Insurers must also follow the File and Use procedure for government schemes. Insurers must prepare management information system reports covering policy counts, premium amounts, sum insured at risk, and registered authorized persons involved.
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[Image omitted. See the official document.]
Ref: IRDA/INT/CIR/CSC/138/07/2016
भारतीय बीमा विनियामक और विकास प्राधिकरण INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Date: 13th July, 2016
Circular
To All CEOs of Non-Life Insurers, Health Insurers & CEO of CSC-SPV
Sub: Addition of Products for sale through CSC-SPV
Your attention is drawn to the IRDAI (Insurance Services by Common Service Centers), Regulations, 2015 dated 5th October, 2015 which gives the types of products that can be solicited by the CSC-SPV.
However, recently there are requests made to the Authority by some of the insurers and CSC-SPV to expand the list of products given under SCHEDULE-III of Reg 13 so as to have some parity between the products sold through CSC-SPV and those sold through Point of Sale (POS).
The Authority on examination of the request made, has decided to include the following additional products which can be solicited and marketed through CSC-SPV:
Travel Insurance policy
Home Insurance
Crop insurance (Government insurance schemes such as Pradhan Mantri Fasal Bima Yojana (PMFBY), Weather Based Crop Insurance Scheme (WBCIS) & Coconut Palm Insurance Scheme (CPIS) without any limit on Sum Insured).
Government insurance schemes such as Pradhan Mantri Jeevan Suraksha Bima Yojana (PMJSBY) without any limit on Sum Insured.
The above mentioned products shall be as per terms defined under the Reg 13 & Schedule III of the IRDAI (Insurance Services by Common Service Centers), Regulations, 2015 except for Government Schemes wherein the terms, conditions, benefits etc. are decided by the Government. Therefore the File & Use procedure applicable to Government Schemes may be followed.
Further the company shall pre-fix with the word CSC to those products to sell it through the CSC-SPV channel. In addition, the company may prepare MIS reports covering number of policies issued, premium procured, sum insured at risk, RAP involved, etc.
[Image omitted. See the official document.] (P. J. Joseph) Member (Non-Life)
परिश्रम भवन, तीसरा तल, बशीरबाग, हैदराबाद-500 004. भारत (]: 91-040-2338 1100, फ़ैक्स: 91-040-6682 3334 ई-मेल: irda@irda.gov.in वेब: www.irda.gov.in
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