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August 7, 2020

Issuance of Electronic Insurance Policies for FY 2020-21 as per IRDA

by facelesscompliance in Circular and Notifications

Issuance of Electronic Insurance Policies for FY 2020-21 as per IRDA

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

This has reference to the provisions of Regulation 4 of IRDAI (Issuance of e-Insurance policies) Regulations, 2016. In the wake of emerging situation of Covid19 Global Pandemic and taking into account (i) and (ii) below,

i) the feedback received from the Life Insurers expressing difficulties in printing and dispatch of policy documents

ii) the desirability of adopting digital means of doing business in the interests of policyholders and other stakeholders

exemption is allowed by Competent Authority under Proviso to Regulation 4(iii) of the Referred Regulations, from the requirement to issue policy document, copy of proposal form in physical form. The exemption is subject to

a) Life Insurer confirming the date of receipt of electronic policy document by the policyholder through PIVC or other means and preserving the proof so that Free Look period may be calculated from that date.

b) Thirty (30) days Free Look period may be allowed for all such electronic policy documents.

c) Return of electronic policy document by mail by policyholder with clear intention of cancellation of policy shall be valid for Free Look Cancellation.

d) Express consent of the policyholder to receive electronic policy bond is required. If a policyholder insists on hard copy, the same has to be issued without any charges.

e) Policy document shall be sent to the email id submitted by the proposer. The exemption shall be valid for all policies issued during FY 2020-21

Ref. No:IRDAI /Life/Cir/Misc/207/08/2020 Date: 04-08-2020

Relaxation from Submission of Hard Copy of Regulatory Returns 

In the wake of Covid19 Global Pandemic and Work From Home situation prevailing, Life Insurers have represented difficulty in filing hard copy of Quarterly Investment Returns.

On examining the request, the Competent Authority has allowed Life insurers to upload the Regulatory Returns through BAP module without physical filing and submit a soft copy through email to Mr. S.N Jayasimhan, GM at email id snjayasimhan@irdai.gov.in, for returns up to 31st March 2021. However, the physical copies may be kept ready for filing by a later date to be indicated by the Authority. 

Issuance of Digital Surveyor and Loss Assessor Licenses.

With reference to the captioned subject, The Authority shall be issuing digitally signed Surveyor and Loss Assessor Licenses from 03/08/2020. IRDAI surveyor department will issue the digitally signed license through BAP and the digitally signed SLA Licenses will be sent to the registered E-Mail ID of applicants.

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