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In India, the Insurance Regulatory and Development Authority of India (IRDA) is currently drafting e-commerce regulations which will regulate sales of “m-insurance” or mobile insurance. The China Insurance Regulatory Commission has introduced regulations to make it easier for insurers to provide online services where they do not have a physical presence.
CONTRACT CERTAINTY AND DISTANCE SELLING RAISE A HOST OF QUESTIONS
The use of technology may give rise to issues in respect of contract formation and distance selling. For example, what terms will be incorporated into a contract formed by text message or via a mobile app? In some jurisdictions there may be existing requirements for contract formation that hamper innovation; for example, requirements for insurers to provide proof of cover in paper format or for insureds to physically sign the policy document. This can cause issues for tech- enabled underwriting and distribution or the volume of transactions required to achieve economies of scale for some inclusive products. 22 In many markets, there are specific legislative requirementsgoverningdistance selling and conclusion of contracts over the internet or mobile networks.
22 http://www.impactinsurance.org/sites/default/ files/MP26%20v3.pdf
https://microinsurancenetwork.org/sites/default/ files/Insights%20on%20MNO%20as%20distribution %20channel%20for%20MI%20in%20Asia_2016.pdf
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