Electronic insurance issuance requires digital proposal processing, repository access, threshold-based policies, and physical copies upon policyholder request. An IIO must maintain proposal forms in physical or electronic form, capture an electronic Insurance Account number where available, and convert physical ... Summary
Electronic insurance issuance requires digital proposal processing, repository access, threshold-based policies, and physical copies upon policyholder request.
An IIO must maintain proposal forms in physical or electronic form, capture an electronic Insurance Account number where available, and convert physical prospect information into electronic form. Where electronic issuance is proposed through the Insurance Repository System, creation of an electronic Insurance Account must be facilitated. Electronic policies are mandatory when prescribed sum-assured or premium thresholds are crossed. Policies may be delivered directly or through registered repositories, with physical copies supplied on request.
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