Dispensing with physical signatures on proposal forms

Last updated: 24 March 2021

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The Insurance Regulatory and Development Authority of India (IRDAI) has extended the permission for life insurers to accept customer consent electronically, meaning physical signatures on proposal forms are no longer required. This arrangement, initially allowed until 31st March 2021, has been reviewed and will now continue until 30th September 2021 for business solicited by individual agents and intermediaries across all products.

Insurance Regulatory and Development Authority of India

Ref: IRDAI/Life/Cir/Misc/055/03/2021

Date: 23-3-2021

To,

All Life Insurers.

Re: Dispensing with physical signatures on proposal forms.

Vide IRDAI/Life/Cir/Misc/274 dated 11^th November 2020, Life Insurers were allowed to obtain customer’s consent through electronic means under all products, till 31^st March 2021. On a review of the working of this arrangement and on the basis of feedback received from Life Insurers, the Competent Authority has extended the dispensing of physical signature on proposals beyond 31^st March, 2021.

Therefore, the clause (1) of the above referred circular, now stands modified as:

Life Insurers are allowed to obtain the customer’s consent through electronic means, i.e., without requiring wet signature on the proposal form, for the business solicited by Individual Agents and Insurance Intermediaries, under all products, till 30^th September 2021.

All other provisions of the above referred Circular remain unchanged.

(V.Jayanth Kumar)

Chief General Manager

FAQ :

Life insurers are now permitted to obtain customer consent through electronic means, eliminating the need for physical (wet) signatures on proposal forms.

This arrangement allowing electronic consent without physical signatures is valid until 30th September 2021.

No, this applies specifically to business solicited by Individual Agents and Insurance Intermediaries under all products.

The previous deadline for obtaining customer consent through electronic means was 31st March 2021.

The notification was issued by the Insurance Regulatory and Development Authority of India (IRDAI).

Guest

Notification No : Ref: IRDAI/Life/Cir/Misc/055/03/2021
Published in Miscellaneous
Source : https://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4412&flag=1

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