CEOs/CMDs of all GeneralInsurance Companies
Sub:StandardTechnical Note (Template)- Motor Insurance
1. Thiscircular is issued in exercise of the power vested under section 14(2)(e) ofthe IRDA Act, 1999.
2. Referenceis drawn to the Circular No. IRDAI/NL/GDL/F&U/030/02/2016dated18th February, 2016on“Guidelineson Product Filing Procedures for General Insurance Products”.In terms of the above Circular, insurers are required to submit a TechnicalNote detailing pricing aspects of general insurance product as a part offilings.
3. Inorder to expedite the product clearance process, it has been decided to standardizethe Technical Note so that insurers can provide all necessary details in aprescribed standard format. This will help to ensure uniformity amongstinsurers in the matter of filing pricing and product related information for generalinsurance products.
4. Insurersshall submit Technical Note providing complete information and duly signed bythe 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 theTechnical note.
6. ThisStandard Template shall come into force with immediate effect.
(P K Arora)