IRDA has issued licenses to five entities – NSDL Database Management, Central Insurance Repository, SHCIL Projects, Karvy Insurance Repository and CAMS Repository Services to act as an insurance repository.
Insurance repositories will help policy holders to buy and keep their insurance policies in electronic form. It will hold electronic records of insurance policies issued to policy holders. Policyholders can merge all policies like health, motor, life insurance etc. in a single account. This service is expected to provide convenience and transparency, thereby reducing cost, paper work and risk of loss of documents.