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Union Finance Minister, P. Chidambaram, is expected to inaugurate IRDA’s insurance repositories here on September 16.
According to a note by the Insurance Regulatory and Development Authority (IRDA), the insurance repository system to be set up by the regulator will be the first of its kind in the world.
IRDA recently said five companies have been given the status of insurance repositories and provided with a licence that will be valid till July 31, 2014.
The five companies are: NSDL Database Management Ltd, Central Insurance Repository Ltd, SHCIL Projects Ltd, CAMS Repository Services Ltd and Karvy Insurance Repository Ltd.
IRDA recently said that insurers can enter into agreements with one or more repositories.
According to IRDA, the objective of creating an insurance repository is 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.
The repository will issue a unique code number to all policy holders, and policies of those persons will come under that number. It maintains the history of the policy details such as claims, nominees, beneficiaries and other data.
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