Status of Issuance of e-Insurance Policies

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• I "i Hfll 4 & kt R4 I qcfi 3ITT kt cfi lfl ~ e,,, •••• ,,. INSURANCE REGULATORY AND iatai DEVELOPMENT AUTHORITY OF INDIA Ref: IRDA/INT/CIR/INSRE/133/06/2017 Date: 8th June, 2017 CIRCULAR To All Life, Health & General Insurers Re: Status of Issuance of e-lnsurance Policies As you are aware that the Authority has notified the IRDAI (Issuance of e-lnsurance Policies) Regulations, 2016 dated 13th June, 2016. In order to seek the status of compliance to the above Regulations, the Authority has designed quarterly & annual formats which are attached as Annexure I & Annexure II. All the Insurers are therefore advised to submit the quarterly reports by 21 st of following month and yearly report by 30th April of the following year, to the Authority. This has been issued with approval of the Competent Authority. Encl: • Quarterly Submission - Annexure I • Yearly Submission - Annexure II -qftw:i- W:R, tlmr w-r, ~. ~-500 004. ~ ({) : 91-040-2338 1100, ~: 91-040-6682 3334 {-i@: irda@irda.gov.in ~: www.irda.gov.in ij1~~\i (Ra~S~~ Jagpal) CGM-lntermediary Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004. India. Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334 E-mail: irda@irda.gov.in Web.: www.irda.gov.in Name of Insurer: Annexure-1 IRDAI (Issuance of e-Insurance Policies) Regulations, 2016 (Quarterly Report on Schedule I) --------------------- Report for the - - - Quarter: _________ _ Duration: from to ------- ------ Date of Submission: Line of Business Sum Insured* Single/ Annual Total number of Total number of e-Insurance Policies issued by (equal to or Premium* Policies Issued by the end of month exceeding) (in (equal to or the end of Quarter Rs.) exceeding) (including offline Direct & e-Insurance Policy) issue (a) Pure term (excluding term with 10,00,000/- 10,000/- ROP)** Other than Pure term (including term 1,00,000/- 10,000/- with ROP)** Pension policies NA 10,000/- Immediate Annuities (Pension p.a.) NA 10,000/- All retail General Insurance policies 10,00,000/- 5,000/- except Motor Individual Health 5,00,000/- 10,000/- Motor Retail All policies All policies Individual Personal 10,00,000/- 5,000/- Accident & Miscellaneous Domestic Travel Individual Travel All Policies Insurance (Overseas) * Electronic policy shall be issued if either the Sum Insured or Annual Premium criteria is met ** Micro-insurance policies are exempted Through IRs (b) Total e-Insurance Policies C=(a)+(b) Name of Insurer: Annexure-11 IRDAI (Issuance of e-Insurance Policies) Regulations, 2016 (Annual Report on Schedule I) --------------------- Report for the FY: ___________________ _ Date of Submission: Line of Business Sum Insured* Single/ Annual Total number of Total number of e-Insurance Policies issued (equal to or Premium* Policies Issued by exceeding) (in (equal to or the end of Rs.) exceeding) FY(annual) (including offiine & e-Insurance Policy) Pure term (excluding term with 10,00,000/- 10,000/- ROP)** Other than Pure term (including term 1,00,000/- 10,000/- with ROP)** Pension policies NA 10,000/- Immediate Annuities (Pension p.a.) NA 10,000/- All retail General Insurance policies 10,00,000/- 5,000/- except Motor Individual Health 5,00,000/- 10,000/- Motor Retail All policies All policies Individual Personal 10,00,000/- 5,000/- Accident & Miscellaneous Domestic Travel Individual Travel All Policies Insurance (Overseas) * Electronic policy shall be issued if either the Sum Insured or Annual Premium criteria is met ** Micro-insurance policies are exempted by the end of Year: 20 - - Direct Through IRs Total e-Insurance issue Policies (a) (b) C=(a)+(b)