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

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

This has reference to the arrangements of Regulation 4 of IRDAI (Issuance of e-Insurance policies) Regulations, 2016. In the wake of developing circumstance of Covid19 Global Pandemic and considering (I) and (ii) beneath,

1. The criticism got from the Life Insurers communicating troubles in printing and dispatch of strategy records
2. The desirability of receiving computerized methods for working together in light of a legitimate concern for policyholders and different partners

exclusion is permitted 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 exclusion is dependent upon

• Life Insurer affirming the date of receipt of electronic arrangement archive by the policyholder through PIVC or different methods and safeguarding the confirmation with the goal that Free Look period might be determined from that date.
• Thirty (30) days Free Look period might be took into consideration all such electronic approach archives.
• Return of electronic arrangement record via mail by policyholder with clear intention of abrogation of policy will be substantial for Free Look Cancellation.
• Express assent of the policyholder to get electronic policy bond is required. If the policyholder demands printed copy, the same must be given with no charges.
• Policy document will be sent to the email id presented by the proposer. The exception will be legitimate for all arrangements gave during FY 2020-21

Relaxation from Submission of Hard Copy of Regulatory Returns

In the wake of Covid19 Global Pandemic and Work From Home circumstance winning, Life Insurers have spoken to trouble in filing printed version of Quarterly Investment Returns.

On looking at the examination, the Competent Authority has permitted Life safety net providers to transfer the Regulatory Returns through BAP module without physical recording and present a delicate duplicate through email to Mr. S.N Jayasimhan, GM at email id snjayasimhan@irdai.gov.in, for returns up to 31st March 2021. Be that as it may, the physical duplicates might be saved prepared for recording by a later date to be demonstrated 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.