IRDA forms working group for simple products in general insurance

IRDA has formed a working group to review ‘File & Use’ (F&U) guidelines to ensure availability of simple products in the general insurance category.

The Insurance Regulatory and Development Authority (Irda) said it was required to review the extant guidelines on F&U requirements for general insurance products.

“It is felt by the Authority that a review of extant guidelines has to be undertaken to ensure that products are designed, marketed, sold and serviced ensuring that a viable, simple and useful product is available to consumers and is sustainable for insurers,” says a circular issued by Irda.