Submission of Life Insurance Products/ Riders through BAP

भारतीय बीमा विनियामक और विकास प्राधिकरण INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

CIRCULAR

REF: IRDA/ACT/CIR/BAP/108/05/2015

Date: 28th May 2015

To

CEOs of all Life Insurers

Sub: Submission of Life Insurance Products/ Riders through Business Analytics Project (BAP)

Authority is initiating the process of online filing and submission of products by the insurers in a phased manner. The modules enabling the filing of new Products/ Riders, modification / withdrawal of approved Products/ Riders and Re-filing of earlier declined products are ready for release.

2. Insurers are required to access the website http://www.irdabap.org.in for all the applications mentioned above. 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.

3. Insurers are advised to submit the new Life products/ Riders from 01-June-2015 onwards in the Product Filing (Life) Module as per the formats in the BAP Module.

4. The Authority shall organize a demo session on 16-June-2015 to enable insurers to file the applications in an online environment. Details of the same shall be communicated to all the insurers separately.

5. Insurers are required to note that:

• I. The application will require an IRDAI approval in all cases.

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परिश्रम भवन, तीसरा तल, बशीरबाग, हैदराबाद-500 004. भारत फैस: 91-040-6682 3334 ई-मेल: irda@irda.gov.in वेब: www.irda.gov.in Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004. India. Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334 E-mail : irda@irda.gov.in Web.: www.irda.gov.in

Ref: IRDA/ACT/CIR/BAP/108/05/2015

• II. The copy of the applicable documents/ certificates as required under BAP module, relevant Regulations/ Circulars/ Guidelines, if any, needs to be filed along with the application.

6. The instructions for filing the new products are placed in the login area of 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.

7. The provision to capture existing product (legacy) data in BAP is under process and would be made available by 30-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.

8. The updated version of user manual which would facilitate insurers 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.

9. 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:

*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.

10. 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.

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Ref: IRDA/ACT/CIR/BAP/108/05/2015

11. Insurers are advised to ensure that there are adequate manual controls and validation in order to ensure that the data is submitted through the system is factually correct and matches.

12. The document submission guideline document is placed along with the user manual at our portal and will be updated on a regular basis.

13. The process of manual submission of F&U application will continue till further notice.

J Meenakumari HOD (Actuarial)

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