New Delhi: The Insurance Regulatory and Development Authority of India (IRDAI) has prolonged the deadline for insurance coverage corporations to difficulty new medical health insurance insurance policies in digital kind and with out the requirement of bodily signed proposal kind (moist signatures) until March 31, 2022.
This is the not first time that the insurance coverage regulatory physique determined to increase the deadline. In the primary occasion, the exemption for moist signature on a insurance coverage coverage was legitimate until March 31, 2021. Then, it was prolonged until September 30, 2021 amid the second wave of Covid-19.
IRDAI mentioned that it determined to additional push the deadline until March subsequent yr in view of the persevering with scenario of Covid pandemic.
“In partial modification of Clause No. 5 of the within referred circular dated 10th September, 2020 the timelines for (a) Issuance of electronic policies and (b) dispensing with physical signatures and wet signature on the proposal form in respect of health insurance policies, stand extended up to March 31,2022,” IRDAI acknowledged in a notification on Tuesday.
The regulator additionally shared related announcement on Friday.
Earlier, IRDAI had permitted well being and basic insurers to acquire consent of potential coverage holders via a duly validated One Time Password (OTP), then meting out with the follow of getting moist signature.
The regulator had additionally exempted the insurers from mandatorily sending onerous copy of the doc to coverage holders. However, the insurance policies must be despatched via digital mode on the registered e-mail.
Insurers, IRDAI mentioned, can receive buyer’s consent, with out requiring moist signature on the onerous copy, via OTP, via registered e-mail or cell.