Standard Technical Note (Template)- Motor Insurance

Last updated: 05 April 2021

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The Insurance Regulatory and Development Authority of India (IRDAI) has issued a new Standard Technical Note template for motor insurance products. This initiative aims to streamline the product clearance process by standardising the format for detailing pricing aspects. Insurers are now required to submit this duly signed Technical Note, which includes any applicable discounts or loadings, as per the prescribed format to ensure uniformity in filings.

Insurance Regulatory and Development Authority of India

Circular

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

Date:01-04-2021

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 18^th 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)

FAQ :

The purpose of this circular is to introduce a Standard Technical Note template for motor insurance products to expedite the product clearance process and ensure uniformity in filings.

A Technical Note is a document that details the pricing aspects of a general insurance product, required as part of product filings.

All general insurance companies are required to submit the Technical Note.

The new template aims to expedite the product clearance process by standardising the format for technical notes, ensuring insurers provide necessary details uniformly.

This Standard Template comes into force with immediate effect.

The Technical Note must be duly signed by the Appointed Actuary.

Notification No : Ref. No: IRDAI/ACT/CIR/MISC/070/04/2021
Source : https://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4436&flag=1

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