Regulators need e-signature pressure


Regulators need e-signature pressure

Nick Huber

Forthcoming e-commerce legislation will have a muted impact unless the Government pressures insurance industry regulators to accept digital signatures, IT managers have warned.

Insurance companies also need to ensure that their IT systems can handle the demands of electronic signatures or face having their IT systems "screwed up".

The warning comes as the section of the Electronic Communications Bill which makes electronic signatures legal is due to come into force later this month.

Margaret Smith, director of e-commerce at Legal & General (L&G), said, "Now people can visit the L&G Web site and fill-in an application form but then they have to print it off and sign it."

A spokesperson for the Financial Services Authority said it is was developing a new rulebook for conducting business that will allow electronic signatures once the legislation comes into force.

Malcolm Whitehouse, head of IT strategy for Royal and Sun Alliance Life, called for the Government to ensure that insurance industry regulators embrace electronic signatures.

"The Government needs to put pressure on the insurance industry," he said. "Regulators are saying they will not necessarily accept digital signatures."

Email Alerts

Register now to receive IT-related news, guides and more, delivered to your inbox.
By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy

This was first published in July 2000


COMMENTS powered by Disqus  //  Commenting policy