E-Insurance Flashcards
What are IRDAI’s latest regulations (sept 2022) related to e-insurance?
Insurance Regulatory and Development Authority of India (Issuance of e-Insurance Policies) Regulations, 2022. Key changes proposed are:
- Insurers to build capabilities for solicitation and servicing (conducting) of insurance business through an electronic platform.
- Insurers to build capabilities for to issue e-insurance policies for all modes of solicitation.
- electronic insurance accounts for holding e-insurance policies to be made mandatory.
Policyholders may soon get a discount on premium if they purchase ELECTRONIC policies directly through an ELECTRONIC platform.
What is electronic insurance?
E-insurance, or electronic insurance policy, means a digitally signed document evidencing the insurance contract issued to a policyholder by an insurer in an electronic form through a registered insurance repository.
What are the provisions related to e-proposal?
1) E-proposal form shall be consistent with the physical proposal form.
2) It shall include the suitability assessment form and customised benefit illustration
3) e-proposal shall only be considered to be valid, if it carries a digital signature of the insured or the intermediary if the policy is being sought through an agent.
