In its revised guidelines on insurance repositories and electronic issuance of insurance policies, IRDAI has mandated insurance companies to store all policy details in electronic form. The insurance regulator has directed insurers to issue electronic policies to all the policyholders even if they opt for physical policies.
IRDAI said that Insurance Repositories (IRs) will have to offer a few basic services to policyholders like issuing annual statement, policy status, printing facility of copy of the policy and mini statement, nominee details and payment terms and so on.
Last year, the insurance regulator had come out with guidelines on Insurance Repositories (IRs) with an objective to provide policyholders a facility to buy and keep their insurance policies in electronic form. Policyholders can convert their new as well as existing policies into electronic form using this service. Just like R&Ts of mutual funds, the IR will hold electronic records of insurance policies issued to policyholders. Policyholders can merge all policies like health, motor, life insurance etc. in a single account. Such account is called as e-Insurance Account (eIA).
Currently, there are five IRs in India - NSDL Database Management, Central Insurance Repository, SHCIL Projects, Karvy Insurance Repository and CAMS Repository Services.
Meanwhile, the insurance regulator has proposed insurance companies to maintain records of policies in electronic form.