New Delhi: The Insurance Regulatory and Development Authority of India (IRDAI) has extended the deadline for insurance companies to issue new health insurance policies in electronic form and without the requirement of a physically signed proposal form ( wet signatures) until March 31, 2022.
This is not the first time that the insurance regulator has decided to extend the deadline. At first, the wet signature exemption on an insurance policy was valid until March 31, 2021. Then it was extended until September 30, 2021 in the middle of the second wave of Covid-19.
IRDAI said it has decided to push the deadline further until March of next year given the continuing situation of the Covid pandemic.
“As a partial modification of article n ° 5 of the circular referred to on September 10, 2020, the deadlines for (a) the issuance of electronic policies and (b) the deletion of physical signatures and the wet signature on the proposal regarding health insurance policies, stand extended until March 31, 2022, “IRDAI said in a notification Tuesday.
The regulator also shared a similar announcement on Friday.
Previously, IRDAI had allowed health and general insurers to obtain consent from prospective policyholders through a properly validated one-time password (OTP), and then abandon the practice of obtaining a wet signature.
The regulator had also exempted insurers from sending a paper copy of the document to policyholders. However, the fonts will need to be sent electronically to the registered email.
Insurers, IRDAI said, can obtain client consent, without requiring a wet signature on the hard copy, via OTP, registered email, or mobile.