The Authority vide reference IRDAI/NL/CIR/MISC/060/03/2022 and IRDAI/HLT/CIR/REG/061/03/2022 dated March 31, 2022 has issued Circulars on ‘Extension of timelines for dispensing with physical documents and wet signature on the proposal form in respect of General insurance policies and Health insurance policies respectively.
Background:
Reference is drawn to the circular reference number IRDA/NL/CIR/MISC/237/09/2020 and IRDAI/HLT/REG/CIR/235/09/2020 dated September 10, 2020 permitting insurers to issue electronic policies and dispense of wet signature on proposal forms in respect of General insurance policies and Health insurance policies up to March 31, 2021 which was further extended up to September 30, 2021 and then upto March 31, 2022.
The major highlights of the Circulars are as follows:
The facilitation granted for dispensing with physical documents and wet signature on the proposal form has been extended up to September 30, 2022 in respect of the following insurance policies:
- All Motor policies
- Fire policies covering Dwellings and / or contents thereof issued to individuals.
- All package policies issued to individuals (e.g. package policies for Dwellings)
- All miscellaneous policies issued to individuals where the Sum Insured does not exceed Rs. 5 crores.
- Health insurance policies
Further, the Authority has clarified that the facilitation of exempting insurers from issuance of policy documents in physical form stands withdrawn.
All other provisions of the circulars dated September 10, 2020 remain unchanged.
Source category: IRDAI
Attachments
- /2022/10_EXTENS~12.PDF
- /2022/10_EXTENS~2.PDF
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