Tag Archives: digital India

issuance of digital insurance policies

IRDAI circular dated 9th February, 2021 on the subject, which is self explanatory

All Insurers excluding GIC Re, FRBs and Lloyd’s (India)

Re: Issuance of digital insurance policies by insurance companies via Digilocker

Digilocker is an initiative under the Digital India program by the Government of India where citizens can get authentic documents/ certificate in digital format from original issuers of these certificates. It aims at eliminating or minimising the use of physical documents and will enhance effectiveness of service delivery, making these hassle free and friendly for the citizens.

2. In the insurance sector, Digilocker will drivereduction in costs, elimination of customer complaints relating to non-delivery of policy copy, improved turnaround time of insurance services, faster claims processing and settlement, reduction in disputes, reduction in fraud and improvement in customer contactability. On the whole it is expected that it will lead to better customer experience. 

3. In order to promote the adoption of Digilocker in the insurance sector, the Authority advises all insurers to enable their IT systems to interact with Digilocker facility to enable policyholders to use digilocker for preserving all their policy documents.

4. The insurers should inform their retail policyholders about Digilocker and how to use it. Insurers are also advised to enable the process by which the policyholders can place their policies in the digilocker.

5. Digilocker team in NeGD (National e-Governance Division) under Ministry of Electronics and Information Technology shall provide necessary technical guidance and logistic support to facilitate adoption of Digilocker. A brief for on-boarding documents and contact details of resource persons in NeGD is annexed.

Leave a comment

Filed under insurance

extension of due dates by MCA

MCA has issued a circular dated 28th January, 2021 wherein they have extended due dates for filing of forms AOC-4 and its variants – AOC-4 XBRL and AOC-4 CFS for the financial year 2019-20 accounts by a mere 15 days. This after much hand wrangling and blood pressure rising for professionals seeking to file the documents within impossible deadlines fixed by the government.

Already MCA site started misbehaving from two days previously itself by not loading, login not happening, frequent hanging up etc. MCA challans are not getting generated despite making the payments. So MCA has moved to a new technical partner and everytime that happens, the stakeholders have to suffer.

The new incorporation system, which is a cloud based system is a nightmare. There are lot of technical problems with the site, which the staff with limited knowledge at their call centre are not able to answer or provide solution to. Tickets are raised on the MCA site, which for days on end are in queue status.

Somebody said God save us, methinks even God will want to wash his hands off this disastrous system.

MCA circular is available at the MCA site for those who want to read it.

Leave a comment

Filed under company law