{"id":121911,"date":"2017-04-09T15:23:07","date_gmt":"2017-04-09T09:53:07","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=121911"},"modified":"2017-04-09T15:23:07","modified_gmt":"2017-04-09T09:53:07","slug":"irdai-issues-guidelines-on-insurance-e-commerce","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/09\/irdai-issues-guidelines-on-insurance-e-commerce\/","title":{"rendered":"IRDAI issues Guidelines on Insurance e-commerce"},"content":{"rendered":"
Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines on insurance e-commerce dated 9th March, 2017. IRDAI has informed that the guidelines issued by the Authority enable insurers and insurance intermediaries to set-up Insurance Self-Network Platforms (ISNP) to sell and service insurance policies. The said guidelines lay down the manner and procedures of grant of permission for establishing an ISNP for undertaking insurance e-commerce activities in India.<\/div>\n
\n
\n

Further, e-commerce is seen as an effective medium to increase insurance penetration and enhance financial inclusion in a cost-efficient manner. As part of its developmental mandate, IRDAI has issued these guidelines to promote e-commerce in insurance space which is expected to lower the cost of transacting insurance business and bring higher efficiencies and greater reach.<\/p>\n

Salient Features of Guidelines on insurance e-commerce<\/strong>
\n\u2022 Objective of guidelines – to increase insurance penetration and bring financial inclusion in a cost-efficient manner through Insurance Self Network Platform (ISNP)
\nI. Permission and Renewal of Permission for setting up Insurance Self-Network Platform<\/em>
\n\u2022 Applicant defined to include insurers and insurance intermediaries who can set up the ISNP
\n\u2022 Platform used by an insurance agent would be treated as that of an Insurer & insurer shall be responsible for compliance of the regulations
\n\u2022 Procedure for grant of permission for establishing an Insurance Self-Network Platform stipulated. This includes filing of application, furnishing of information, grant of permission and conditions thereof
\n\u2022 Permission to be co-terminus with the expiry of the certificate of registration in case of insurance intermediaries and indefinite until revoked in case of insurers
\n\u2022 Procedure for renewal of permission is also specified.
\n\u2022 Guidelines stipulate Internal monitoring, review and evaluation of systems & controls
\n\u2022 An external certified information system auditor (CISA) or CERT-IN expert to review controls, systems, procedures and safeguards of the Insurance Self-Network platform, atleast once a year
\n\u2022 Applicant to ensure compliance to information security management system standard of the International Organization for Standardization (ISO) or the International Electro-technical Commission (ICE) or its equivalent at all times by having an annual review of the systems
\n\u2022 Applicant to place the report of the CISA auditor or CERT-IN expert and the information security management system before the Board or its sub-committee for their observations.<\/p>\n

II. Operational Matters<\/em>
\n\u2022 Insurance Self-Network Platform to be available as regular internet web-site (desktop and mobile) or as a mobile app or both
\n\u2022 Insurance Self-Network Platform to enroll only those market participants that are granted certificate of registration by the Authority
\n\u2022 Disclosure \u2013 Applicant can display only those products that are approved by the Authority and to the extent permitted by the regulations
\n\u2022 All products shall be sold in electronic form in accordance with IRDAI (Issuance of e-insurance policies) Regulations, 2016 as amended from time to time.
\n\u2022 The ISNP of a registered insurer is permitted to offer all products that are approved under the Product Approval terms.
\n\u2022 The ISNP of a registered insurance intermediary is permitted to offer products that are permitted under the applicable regulations.
\n\u2022 Pricing \u2013<\/em>
\n\u2022 The pricing of every product shall be decided by the insurer and it shall be the responsibility of the insurer that product pricing is in compliance to product approved by the Authority.
\n\u2022 Insurers may offer discounted pricing on the product when sold through its ISNP as specified by the Authority.
\n\u2022 The differential price for products offered on ISNP of any of the applicants shall be the same.
\n\u2022 Commission \u2013<\/em>
\n\u2022 Product sold through ISNP is entitled to commission, remuneration or reward as per the Commission Regulations
\n\u2022 No fees, charges or payments by whatever name called other than commission, remuneration or reward as per regulations shall be paid or shared between the market participants for utilising the applicants ISNP
\n\u2022 Proposal Form \u2013 proposal form shall be in accordance with Reg 3 of Issuance of e-insurance policies Regulations (OTP)
\n\u2022 Compliance of KYC\/ AML norms – e-KYC, e-PAN and valid KYC documents permitted by Authority
\n\u2022 Creation of e-insurance account \u2013<\/em>
\n\u2022 Creation of an e-insurance account shall be undertaken within 15 days post selling of insurance policies on the applicant\u2019s ISNP.
\n\u2022 It shall be necessary for a customer to have either an email id or a registered mobile phone number while transacting insurance business on the applicant\u2019s ISNP.
\n\u2022 Payment of premium \u2013<\/em>
\n\u2022 The market participants shall ensure that provisions of Section 64VB(1) of the Act are complied with at all times.
\n\u2022 The manner of payment of premiums for online sale shall be by way of credit card\/ debit card\/ net banking\/ e-wallet or any other electronic mode as permitted by the Reserve Bank of India from time to time through a payment gateway normally used by the insurer for online sale of insurance policies.
\n\u2022 In addition, the applicant\u2019s ISNP may facilitate payment of premiums through cheque\/ demand draft.
\n\u2022 The ISNP may accept cash payments only on the condition that the insurers system gives an immediate acknowledgement on either the policyholder\u2019s email address or his mobile phone number of having received the premium.
\n\u2022 Issuance of e-insurance policies \u2013<\/em>
\n\u2022 On completion of online transaction, for payment of premium and sale of the policy, the insurer shall generate the e-premium receipt and send the same to the prospect through email immediately and the Policy document\/ bond along-with copy of the proposal form and other underwriting documents within the timelines prescribed under the IRDA\u2019s (Protection of Policyholders Interest) Regulations, 2017 and amendments thereto.<\/p>\n

Ministry of Finance<\/p>\n

 <\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines on insurance e-commerce dated 9th March, 2017. 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(Civil) 13029 of 1985, M.C. Mehta v. 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Insurers advised to design products covering costs of treatment for COVID-19","author":"Bhumika Indulia","date":"March 11, 2020","format":false,"excerpt":"1. \u00a0 In respect of the products filed and cleared as per the provisions of Guidelines on product filing in Health Insurance Business (Ref: IRDA\/HLT\/REG\/CIR\/150\/07\/2016) dated 29th July 2016, where coverage is granted for treatment of hospitalization expenses, in order to alleviate the hardships that may be caused to the\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":275978,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/10\/20\/irdai-issues-circular-on-providing-cover-for-mental-illness-under-health-insurance-policies\/","url_meta":{"origin":121911,"position":5},"title":"IRDAI issues circular on providing cover for mental illness under Health Insurance policies","author":"Bhumika Indulia","date":"October 20, 2022","format":false,"excerpt":"\u00a0 \u00a0 On 18-10-2022, the Insurance Regulatory and Development Authority of India has issued a circular directing all the insurance companies to comply with their circular dated circular 16-07-2018 and\u00a0 cover mental illness all insurance products shall cover mental illness and comply with the provisions of the MHC Act, 2017\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"IRDAI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/10\/MicrosoftTeams-image-154-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/10\/MicrosoftTeams-image-154-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/10\/MicrosoftTeams-image-154-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/10\/MicrosoftTeams-image-154-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/10\/MicrosoftTeams-image-154-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/121911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=121911"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/121911\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=121911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=121911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=121911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}