SUBMISSION OF PRODUCT PLANNER
CIRCULAR NO. IRDA/ACT/CIR/PRD/060/03/2012-13, DATED 25-3-2013
As per File and Use Circular No. IRDA/ACTL/FUP/VER/2.0/Dec. 2001, dated 12th December 2001. Circular No. IRDA/ACTL/FUP/Ver. 2.0/Dec. 2003, dated 18th December 2003. Circular No. 021/IRDA/ACTL/FUP/Ver1.0/July 7, dated 4th July 2007 and Circular No. 032/IRDA/ACTL/FUP/Ver 5.0/Sep. 2007, dated 6th September 2007, the Authority has delineated the procedure for file and use of Life Insurance products. The insurance companies wishing to introduce/modify/withdraw a product were submitting an application as per the procedure prescribed to obtain prior permission of the Authority. Within 30 days of the receipt of such an application, the Authority, if necessary, seeks additional information and the insurer shall not commence selling the product until the Authority confirms in writing and gives approval.
The Authority felt that there is a need for reducing the timeline for giving approvals in order to expedite the product approval process, the Authority shall require certain information from the insurers to plan for resources available, to support planned filings and to ensure fairness across all the insurers while approving the products. Taking into consideration the receipt of huge number of file and use applications, the Authority felt a need to necessitate submission of a “Product Planner” by each insurer before the beginning of each financial year.
It is hereby directed that every insurer shall file a Product Planner in the prescribed format IRDA-Form-PP-1, with the Authority, at least 45 days before the beginning of the each financial year i.e. before 15th of February every year. From the next financial year, if the products proposed to be filed in a financial year exceed five, the insurer shall furnish the supporting market research, product-wise persistency for 13th month, for 25th month and 37th month as on 30th April of the previous year.
This circular comes into effect immediately. The Product Planner for the year 2013-14 shall be submitted by the insurers on or before April 30, 2013 and for the subsequent years it shall be filed on or before 15th of February every year.
IRDA-FORM-PP-1
PRODUCT PLANNER FOR THE YEAR
Name of the Insurance Company:
Year of Operation:
|
S. No. |
Quarter |
No. of Products proposed to be filed during each quarter |
|
1 |
1st Quarter |
|
|
2 |
2nd Quarter |
|
|
3 |
3rd Quarter |
|
|
4 |
4th Quarter |
Note: If any market research has been conducted in assessing the need for the proposed products the same shall be enclosed.
| Signature of CEO |
Signature of AA |
| Date |
Date |
