Open e-insurance accounts within 15 days of selling policies: Irdai

Irdai has asked insurers to validate OTP permit for opening an e-IA as an alternative to e-signature

All insurers opening electronic-insurance accounts (e-IAs) for policies sold on the self-networking platform (ISNP) have to opening an e-IA within 15 days of a sale, the regulator said.

The Insurance Regulatory and Development Authority of India (Irdai) issued the clarification after stakeholders raised issues seeking clarity on revised guidelines on insurance repositories and electronic issuance of policies.

The regulator has asked all insurers, insurance intermediaries and insurance repositories to validate one-time password (OTP) permit for opening an e-IA as an alternative to e-signatures. “As per current practice, an e-signature of the holder (e-IA) on the application form for