Section 16(2) in International Financial Services Centres Authority (Insurance Products and Pricing) Regulations, 2022
(2)Issuance of Electronic Insurance Policies -(a)An ITO, shall issue electronic insurance policy where the sum assured is more than USD 00 and/or premium is more than USD 0, whichever is lower;(b)An IIO shall issue the electronic insurance policy to the policyholders directly or through the registered insurance repositories;Provided that the IIO shall provide physical copy of the policy and proposal form if so requested by the policy holder;(c)The proposal form etc. may also be sent in electronic form to the insured along-with electronic insurance policies;(d)The Authority may specify operational framework for issuance of electronic insurance policies.
