A retirement services group says states should minimize the amount of "wet signature" requirements they impose on consumers who prefer to do business online.
The Insured Retirement Institute has sent the National Association of Insurance Commissioners a letter asking regulators to make use of electronic signatures the default whenever possible, except when statutes still require use of ink signatures on paper, or clients prefer to get and sign paper documents.
"We understand that there will always be some consumers that want paper, and this approach will not take that away from those consumers," Sarah Wood, IRI's state policy and regulatory affairs director, writes in the letter.
But IRI believes that an electronic default approach is more aligned with what consumers want and gives regulators and insurers tools, such as detailed audit trails — which paper lacks — Wood adds.
What It Means
The days of bringing clients into the office to sign forms might be numbered.
