IRDAI Extends Deadline For Online Health Insurance Policy Processing, Issuance
NDTV
IRDAI has extended the deadline for insurance companies to issue new health insurance policies in electronic form and without wet signatures.
New Delhi: The Insurance Regulatory and Development Authority of India (IRDAI) has extended the deadline for insurance companies to issue new health insurance policies in electronic form and without the requirement of physically signed proposal form (wet signatures) till March 31, 2022.
This is the not first time that the insurance regulatory body decided to extend the deadline. In the first instance, the exemption for wet signature on a insurance policy was valid till March 31, 2021. Then, it was extended till September 30, 2021 amid the second wave of Covid-19.
IRDAI said that it decided to further push the deadline till March next year in view of the continuing situation of Covid pandemic.
"In partial modification of Clause No. 5 of the within referred circular dated 10th September, 2020 the timelines for (a) Issuance of electronic policies and (b) dispensing with physical signatures and wet signature on the proposal form in respect of health insurance policies, stand extended up to March 31,2022," IRDAI stated in a notification on Tuesday.
