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The Insurance Regulatory and Development Authority (IRDA) has invited applications from firms/organisations to act as insurance repositories.
In its guidelines on electronic issue of insurance policies issued last month, the Authority had, for the first time, created insurance repositories to maintain and manage insurance data in electronic form.
A publicly-listed company registered under the Companies Act with a minimum share capital of Rs 5 lakh, public financial institutions, a wholly-owned subsidiary of an existing depository registered with the Securities and Exchange Board of India are among those which can act as an insurance depository.
The applications should be submitted to the Authority on or before May 18, 2011, according to a circular.
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