IRDAI has issued an Exposure Draft IRDAI (Issuance of e-Insurance Policies) Regulations, 2022 dated September 29, 2022 with…

IRDAI has issued an Exposure Draft – IRDAI (Issuance of e-Insurance Policies) Regulations, 2022 dated September 29, 2022 with the objective to solicitate insurance business through electronic platform, to issue e-insurance policies procured either through electronic platform or otherwise and to mandate the use of electronic insurance account for holding e-insurance policies.

The Draft Regulations proposes to repeal existing norms under the IRDAI (Issuance of e-Insurance Policies) Regulations, 2016 and amendments made thereto, if any.

Major Highlights of the Exposure Draft are as follows:

• Electronic Insurance Account.
• The prospect shall have an option to buy insurance policy through submission of completed physical proposal form or through e-proposal form.
• E-proposal shall carry digital signature of the prospect or an authorised electronic signature through an Aadhaar based OTP
• In case the prospect is not willing to verify through OTP, either video or audio verification of confirmation may be used
• For cases solicited through insurance intermediaries and insurance agents it shall be mandatory to authenticate the proposal through respective digital signatures or electronic sigantures
• Insurer shall put in place all systems, processes and procedures to ensure seamless experience to the customers from policy issuance to claim settlement stage
• The electronic platform shall provide for detailed step by step process for each of the functions in Regional, Hindi and English languages.
• Electronic insurance account (eIA) shall be mandatory for every policyholder and all policies issued to the policyholder shall be held in the eIA of the policyholder.
• Insurer shall issue all insurance policies only in the electronic form with digital signature, notwithstanding whether the proposal is received in electronic form or otherwise.
• Every insurer shall put in place a mechanism to display prominently in their respective websites, information about the purpose of eIA, procedure for use of eIA, issuance of electronic policies and free look provisions.
• Miscellaneous
• An insurer shall offer discount in the premium rates to the policyholders, if purchased directly through the electronic platform.
• Insurer shall provide the existing policyholder the facility of electronic insurance policy. All the existing policies shall be issued to the Insurance Repositories within 12 months from the effective date of this regulations.

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