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The Insurance Regulatory and Development Authority of India (Irdai) has proposed to mandate the dematerialization of new insurance policies by the end of this calendar year.
“To promote ease of doing business for insurers and ease of access and services for policyholders, Irdai has proposed to ensure mandatory issuance of all insurance policies in electronic form through insurance repository (IR) system,” said Vijay Gupta, senior vice president, NDML.
IRs were set up under the insurance repository regulations. Over the last few years, insurance repositories have helped in electronic issuance, storage and services for over 10 million insured persons. Insurance repository maintains Electronic Insurance Account (EIA) of the insured person and all insurance policies (life/non-life/group) can be stored and accessed through this EIA facility.
“The new proposal seeks to make the electronic issuance through EIA universal so as to provide benefits of digital and consolidated access of all policies to all insured and their nominees. This is also expected to bring significant benefits of automating the insurance issuance and servicing aspects,” said Gupta. “National Insurance Repository (NIR) is operated by NSDL Database Management Limited (a wholly-owned unit of NSDL),” he said.
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