Section 16 in International Financial Services Centres Authority (Insurance Products and Pricing) Regulations, 2022
16. Issuance of e-Insurance Policies —
(1)Proposal form —(a)An IIO shall create and maintain proposal forms either in physical or in electronic mode, which shall be in accordance with its ‘Product Oversight and Governance Policy’;(b)The proposal form shall also have a provision to capture the electronic Insurance Account (eIA) number, if available;(c)Where the information about the prospect is captured in physical form, the IO shall make necessary arrangements to convert the information furnished by prospects into electronic form;(d)Where the policy is proposed to be issued in electronic form and the prospect is willing to get the policy through the Insurance Repository System, the IIO shall facilitate creation of eIA for the prospect.(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.
