Page 53 - Insurance Times December 2015 SAMPLE

may be recalled that the Authority had already facilitated
the issuance of insurance policies in electronic form by b. It is further advised that insurers may set up a self-ser-
vice portal for the benefit of existing policyholders whose
means of the "Revised guidelines on Insurance Repositories
policies do not have a QR code.
and electronic issuance of insurance policies" issued on 29th

May, 2015. c. In case of existing motor insurance policies submitted

The Authority in terms of the powers vested in it under sec- for endorsements or modifications on or after 1st De-
tion 14 (2) (e) of the IRDA Act, now advises that General cember, 2015, such polices not having a QR code shall
Insurers, w.e.f. 1st December 2015, issue all the Motor be issued an endorsement whether in electronic or
policies, particularly in the state of Telangana, in electronic physical form only along with a QR Code.

form in addition to policy in physical form. However, in tune d. Insurer/IR shall also make available by 1st January 2016,

with the guidelines referred above, for electronic policies a mechanism by which a mobile version of an electronic

issued through the Insurance Repositories (IRs), issuance of policy be developed that should lend itself for download

a physical copy will not be required. on the screen of any smart phone.

2. Quick Response (QR) Code: While the Motor Insurance e. Issues pertaining to Electronic issuance: In order to fa-
policies are issued in electronic format, it is important to cilitate issuance of Motor policies in electronic form, it
ensure that these provide the ease of verification for the is further informed that where an eIA (electronic insur-
enforcement agencies for which a QR Code shall be incor- ance account) is required to be opened for issuance of
porated in the motor insurance policies by the Insurer/IR a Motor policy in electronic form, the same can be done
concerned. Further, even in respect of the physical motor without insisting on the KYC requirements. Such eIA shall
insurance policies, it is advised that a QR Code be incorpo- be currently identified as non-KYC compliant by the IR
rated as a measure of additional security. This QR code could concerned. However, the IR concerned shall follow a
be incorporated alongside Form 51. In this context, it is also KYC procedure in the immediate next instance should
advised that: any such stipulation be made by the Authority.
a. All Motor policies issued on or after 1st of December,
This is issued with the approval of the Competent Author-
2015 shall essentially contain a Quick Response Code (QR ity.
Code). This QR Code would be used to verify the authen-
ticity of the electronic policy with the Insurer/IR con- (Sriram Taranikanti)
cerned. As such, the QR Code shall facilitate scanning Executive Director
and retrieval of the policy should any user so desire to
access the same through the internet.

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- Editor

The Insurance Times, December 2015 49

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