Insurance Regulatory and Development Authority of India

Circular

Ref. No: IRDAI/ACT/CIR/MISC/070/04/2021

Date:01-04-2021

To

CEOs/CMDs of all General Insurance Companies 

Sub: Standard Technical Note (Template)- Motor Insurance

1. This circular is issued in exercise of the power vested under section 14(2)(e) of the IRDA Act, 1999.

2. Reference is drawn to the Circular No. IRDAI/NL/GDL/F&U/030/02/2016 dated 18th February, 2016 on“Guidelines on Product Filing Procedures for General Insurance Products”. In terms of the above Circular, insurers are required to submit a Technical Note detailing pricing aspects of general insurance product as a part of filings.

3. In order to expedite the product clearance process, it has been decided to standardize the Technical Note so that insurers can provide all necessary details in a prescribed standard format. This will help to ensure uniformity amongst insurers in the matter of filing pricing and product related information for general insurance products.

4. Insurers shall submit Technical Note providing complete information and duly signed by the Appointed Actuary as per the prescribed format. The format is enclosed as Annexure – 1 with this Circular.

5. Discounts/loadings, if any, shall be offered by the insurer as per the criteria mentioned in the Technical note.

6.This Standard Template shall come into force with immediate effect.

(P K Arora)

Member (Actuary)

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