The Insurance Regulatory and Development Authority of India (“IRDAI”) has, in a recently issued Circular declared that a mandate communicated by a client to the insurance broker through an electronic form can be considered as “written mandate” within the meaning and scope of Regulations 27(4), 28(e) and 30(1) & (2) of IRDAI (lnsurance Brokers) Regulations 2018 (“Regulations”).
This announcement comes in the wake of the fact that IRDAI had been receiving requests regarding the interpretation of the expression “written mandate” and seeking clarification whether a mandate communicated through an electronic form can be considered as “written mandate” under the Regulations.
As per Regulations 27 (4), 28 (e) and 30 (1) & (2) of IRDAI (lnsurance Brokers) Regulations 2018 a written mandate is required from the clients to the insurance broker to represent them for the purposes mentioned in the Regulations.
Source: Insurance Regulatory and Development Authority of India
