Insurance Regulatory Authority issues new guidelines for insurers: All you need to know

In some relief, Insurance Regulatory & Development Authority of India (IRDAI) has granted exemption to insurers from requirement of issuing policy document and copy of the proposal in physical form in respect to certain policies including all motor, and fire insurance policies, till March 31, 2021. The IRDAI has issued new guidelines to all the general insurers on the matter of — Issuance of Electronic Policies and dispensing with physical documents and wet signature on the proposal form. The guidelines have been issued in reference to Regulation 4 of IRDAI (Issuance of e-Insurance policies) Regulations,2016 and Regulation 18read with Regulation 8 (1) of IRDAI (Protection of Policyholders’ Interests) Regulations, 2017.

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