Insurance Repositories

Insurance Repositories

What’s New

FAQs

IRDAI has introduced the IR system to provide policyholders a facility to keep insurance policies in electronic form and to undertake changes, modifications and revisions in the insurance policy with speed and accuracy in order to bring about efficiency, transparency and cost reduction in the issuance and maintenance of insurance policies.

IRDAI has introduced the concept of insurance repository in the year 2011.

Yes. IRDAI has issued Guidelines on Insurance Repositories and electronic issuance of insurance policies dated 29th April 2011, Circular for Procedure for appointment of Approved Persons dated 18th July 2013 and revised guidelines on Insurance Repositories and electronic issuance of insurance policies dated 29th May 2015.

Approved Person means an entity approved and appointed by an insurance repository as its agent to perform certain assigned tasks in relation to and incidental to the functions of Insurance Repository.

eIA is an electronic account opened by a person with an insurance repository wherein the portfolio of insurance policies of policyholder is held in electronic form.

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