Re: Supply of copy of the proposal form to the proponents

Re: Supply of copy of the proposal form to the proponents
Details as per CO /U & R/CJP /12-13/393 dated 8th Dec, 2012 As per IRDA (Protection of Policyholders' Interests) Regulations, 2002 notified by IRDA on 30/04/2002, a copy of the proposal form is to be furnished to the insured within 30 days of acceptance of the proposal. These instructions were conveyed vide Actuarial Department circular Ref: Actuarial/18l9/4 dated 23rd August, 2002. However the same were kept in abeyance vide Actuarial Department circular Ref: Act1/1848/4 dated 16th January12003. The matter has been reviewed and the competent authority has decided to furnish a copy of the proposal form to the policy holder. The Modus Operandi for the purpose is given below:-
1. Copy of the proposal form to be furnished at the time of issue of the policy bond along with the policy bond. The printed policy forwarding letter should make a mention of the above. Specimen wordings of the revised forwarding letter Form No '3242 A Revised" are enclosed.

2. In case the policy is to be handed over to the intermediaries on authorization by the policy holder, the authorization letter should also include authority to collect copy of the proposal form. Similarly acknowledgement of policy bond should also contain acknowledgement of receipt of copy of the proposal form. "Specimen wordings of Annexure B Revised" are enclosed.

3. The copy of the proposal form should reflect the proposal form submitted by the proposer as was there at the time of taking underwriting decision i.e. on the proposal form which formed the basis of the contract. At the cost of repetition it should be ensured that there should not be any corrections/overwritings in the proposal form without proper authentication (signature) by the proposer.



vinay mohanty