MANU/IRDA/0057/2020

Authority : Insurance Regulatory and Development Authority

Circular No. : IRDA/NL/CIR/MISC/237/09/2020

Date : 10.09.2020

To,

All General Insurers

Issuance of Electronic Policies and dispensing with physical documents and wet signature on the proposal form

This has reference to Regulation 4 of IRDAI (Issuance of e-Insurance policies) Regulations, 2016 and Regulation 18 read with Regulation 8 (1) of IRDAI (Protection of Policyholders' Interests) Regulations, 2017.

2. In the wake of Covid-19 pandemic, based on representations received from insurers, the Authority, in exercise of powers vested under proviso to Regulation 4(iii) of IRDAI (Issuance of e-Insurance policies) Regulations, 2016 hereby grants exemption to insurers from the requirement of (a) issuing policy document and (b) copy of the proposal in physical form in respect of the following, subject to insurers complying with certain requirements as stated in Para 3 of this circular.

i. All Motor Insurance policies

ii. Fire Insurance policies covering Dwellings and/or contents thereof issued to individuals

iii. All package insurance policies issued to individuals (e.g. package policies for Dwellings)

iv. All Miscellaneous policies issued to individuals where the Sum Insured does not exceed Rs. 5 Crore.

3. Issue of electronic policies: The above exemption for issue of electronic policies is granted subject to the following:

i. Insurers shall send the policy document and a copy of the proposal form through digital/electronic mode. The documents shall be sent to the registered e-mail id or mobile number provided by the customer only on the specific consent provided by the policyholder.

ii. Simultaneously the policyholders shall be informed through SMS that policy document/copy of the proposal form have been........