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Non-life and health insurers may offer existing general insurance products as general micro insurance products when the products comply with the parameters in Schedule I of the IRDAI (Micro Insurance) Regulations, 2015. Insurers must file a certificate from the appointed actuary and the chief executive officer to adopt the existing products. Insurers must allot a different product name that carries the caption Micro Insurance Product. Insurers must not make any changes to the existing general insurance product. The authority records the proposal and allots a unique identification number. The authority reserves the right to direct the insurer to file the product afresh.
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भारतीय बीमा विनियामक और विकास प्राधिकरण INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
CIRCULAR
Ref. No. IRDA/LIFE/CIR/MIN/045/03/2016
09th March 2016
To All the Non Life/Health Insurers,
Re: Offering Existing General Insurance Products that are in Compliance with IRDAI (Micro Insurance) Regulations, 2015 as General Micro Insurance Products
Reference is invited to Regulation (8) (1) of MIR, 2015 which specifies that every insurer is mandated to follow the File and Use Procedure with respect to filing of Micro Insurance Products with the Authority. Reference is also invited to Schedule I of MIR, 2015 that specifies the terms in respect of General Micro Insurance Products defined at Regulation (2) (d) of MIR, 2015. Authority, vide Circular Ref No. IRDA/Life/CIR/MIN/007/01/2016 dated 08th January, 2016 has specified procedures for adopting the existing Micro Insurance Products so as to meet the terms specified in Schedule – I of MIR, 2015.
It is further clarified that Insurers are also permitted to adopt the existing General Insurance Products that meet the terms specified in Schedule – I of MIR, 2015 as Micro Insurance Products by complying with the following conditions.
This Circular is issued by the Authority under the powers vested in Regulation 18 of Insurance Regulatory and Development Authority of India (Micro Insurance) Regulations, 2015.
[Image omitted. See the official document.]
MEMBER (LIFE)
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ANNEXURE - I
Certificate (Separate Certificate is to be filed for every existing General Insurance Product proposed to be offered as General Micro Insurance Product)
Date: ________________________
The following existing approved General Insurance product is proposed to be offered as a General Micro Insurance Product. It is certified that the product proposed is totally compliant with the product parameters specified in Schedule - I of Insurance Regulatory and Development Authority (Micro Insurance) Regulations 2015. Further, it is certified that the product has been modified to make it compliant with various other provisions of the IRDAI (Micro Insurance) Regulations, 2015 and that these modifications are not related to benefits offered, premium bases, loadings levied or discounts offered in the product.
TABLE - I
| Sl. No. (1) | Name of the Existing Product (2) | Risks covered (Health, Dwellings etc.) (3) | UIN, if any (4) | Date/Year of filing for earlier approval (including deemed approval) with the Authority (5) | Proposed Name of the General Micro Insurance Product (6) | Remarks* (7) |
|---|---|---|---|---|---|---|
It is further certified that on being offered as Micro Insurance Product, the product will continue to be financially viable.
We also certify that on approval, the proposed General Micro Insurance Product ______________________ (mention the name of the proposed Micro Insurance Product) would be offered by complying with all the norms relating to distribution and other relevant parameters specified in IRDAI (Micro Insurance) Regulations, 2015.
Appointed Actuary
MD & CEO / CMD
(with Office Seal)
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