Insurance Regulatory and Development Authority of India (IRDAI) has proposed issuance of e-insurance policies.
The regulator in a statement said, “To promote efficiency in the conduct of insurance business and provide for appropriate framework for electronic mode of solicitation and servicing of insurance policies, the current regulations on issuance of e-Insurance policies have been reviewed.”
It added, Some of the key changes being proposed in the regulations are: –
- solicitation and servicing of insurance business through electronic platform.
- to issue e-insurance policies for all modes of solicitation.
- mandatory use of electronic insurance account for holding e-insurance policies.
The exposure draft has been issued for public consultation and the regulator is inviting comments and suggestions by October 20th, 2022.
