IRDAI amends guidelines of Insurance Repositories and electronic issuance of insurance policies

Feb 28, 2018 | by Avantis RegTech Legal Research Team

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Insurance Regulatory and Development Authority of India (IRDAI) vide notification dated February 27, 2018 has revised Guidelines of Insurance Repositories and electronic issuance of insurance policies.  As per Para 34A – other services, the IRs are authorised to undertake services which are in addition to creation/maintenance of electronic policies.

Guideline 8(5) of the outsourcing guidelines of 1st February, 2011 states that subject to these Guidelines, Agents, Corporate Agents, Brokers, TPA’s and Surveyors and other regulated entities shall not be contracted to perform any outsourced activity other than those permitted by the respective regulations/instructions governing their licensing and functioning.

Now with the outsourcing guidelines being superseded by IRDA (Outsourcing of Activities by Indian Insurers) Regulations, 2017, there is a disconnect between the IR guidelines and the outsourcing regulations. The IR guidelines draw reference to the outsourcing guidelines which do not exist as they have been superseded.

Therefore, in line of the above the Authority amends Para.34A of the Guidelines of Insurance Repositories and electronic issuance of insurance policies dated May 29, 2015 by replacing the words ‘Guidelines on Outsourcing of Activities by Insurance Companies’ by Insurance regulatory and Development Authority of India (Outsourcing of Activities by Indian Insurers) Regulations, 2017.

[IRDA/INT/CIR/INSRE/034/02/2018]

 

URL: https://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo3412&flag=1


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