Section 31 in Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019
31. Approval of Innovative products.
(a)Innovative products can be defined as the products which are uncommon in the market.(b)The innovativeness in product design shall result in meeting customer needs, better customer understanding and satisfaction and shall not result in complexity of understanding the product, additional strain on the company's infrastructure, which may result in increased cost to the customer.(c)The insurer shall submit to the Authority, the product design concept of the proposed innovative product and other details along with justification.
