No need to carry motor policy in physical form: Irdai

Will be first implemented in Telangana, those issued via repositories won't need paper policy

The Insurance Regulatory and Development Authority of India (Irdai) has allowed general insurers to issue all motor policies in electronic form in addition to policy in physical form. A physical copy is not be required for those policies which were issued through insurance repositories (lRs).

The regulator said the Telangana government has agreed to accept the electronic version of motor insurance policies. It is anticipated that other states will follow suit soon. Presently, physical copies of mandatory third party motor insurance is required to be carried at all times. 

Issuing electronic policies will help in reducing cost, faster delivery of insurance policies and curbing fraud. However, the regulator has said there would be a mandatory quick response code (QR code) necessary in all motor policies issued on or after December 1.

By January 2016, the regulator has asked insurers to put in place a mechanism by which a mobile version of the policy could be issued.