General insurers no longer mandated to issue physical policy documents


MUMBAI: The insurance regulator on Thursday relaxed the norms for general insurance companies that mandated them to issue hard copies of policy documents and proposal forms while onboarding new customers citing the covid-19 pandemic.

Insurance companies can now capture electronic signatures of their new customers rather than earlier mandated wet signatures for issuance of policies pertaining to health, motor, fire, and other non-life policies.

The Insurance Regulatory and Development Authority of India (IRDAI) had already relaxed the norms that required life insurance companies to issue physical documents in August.

“In the wake of Covid-19 pandemic, the Authority has received representations…general and health insurance companies (the insurers) from the requirement to issue physical policy documents and hard copy of proposal form,” IRDAI said in a circular.

“Issuing electronic policies as per the IRDAI’s circular today, is definitely a positive step considering the current pandemic situation and the challenges in issuing physical policy documents or proposal forms,” said Gurdeep Singh Batra, Head – Retail Underwriting, Bajaj Allianz General Insurance.

“This not only improves the turnaround time for policy issuance, but also secures the policy documents electronically with the policyholder as well as the insurer,” Batra added.





READ SOURCE

READ  M R Kumar appointed LIC chairman

LEAVE A REPLY

Please enter your comment!
Please enter your name here