Pricing and irda requirements y y y y y y y Design and rating of products must be on sound and prudent underwriting basis.

All literature relating to product should be in simple language for easy understanding by the public The insurance products should comply with requirements of irda Insurer should use similar wordings for describing the same cover The pricing of products should be based on support of appropriate data and technical justification Margins built into rate shall be consistent with the experience of the insurer in respect off commission , expenses of mgmt, contingencies and profits Insurer should confirm that it has taken necessary steps to ensure that competition will not lead to unprincipled rate cutting and other improper methods