Personal Finance

Insurance Uncovered

| Updated on February 17, 2019 Published on February 17, 2019

The following are some of the frequently asked questions from Insurance Regulatory and Development Authority of India (IRDAI):

What is an insurance repository?

An insurance repository is a company formed and registered under the Companies Act and which has been granted a certificate of registration by the IRDA for maintaining data of insurance policies in electronic form on behalf of insurers. The insurance repositories provide the ease of holding insurance policies in an electronic form.

What is the objective of an insurance repository?

The objective of creating an insurance repository is to provide policyholders the facility to keep insurance policies in the electronic form (e-insurance) and to undertake changes, modifications and revisions in the insurance policy with speed and accuracy. In addition, the repository acts as a single stop for policy service requirements. The insurance repository system also brings about efficiency and transparency in the issuance and maintenance of insurance policies.

Is it possible to opt out of the repository system?

Yes, a policyholder can make a request to her insurer and upon the completion of all formalities in respect of the same, the hard copy of the policy document shall be made available.

Can an individual open more than one e-insurance account with an insurance repository?

No. As per the IRDA guidelines, an individual cannot open multiple e-insurance accounts.

Can an insurance repository sell/solicit insurance policies?

No, insurance repositories cannot sell/solicit insurance policies. They are authorised only to maintain the policies in the electronic form and provide a service record of all insurance policies.

What is the grievance redressal mechanism at an insurance repository?

Every insurance repository will have a policyholder grievances cell to address the complaints regarding repository services and the electronic policies held by them.

Is it possible to shift from one insurance repository to another?

Yes, an e-insurance account holder can shift from one insurance repository to another. All the policy details and transaction history will then be transferred to the new repository.

Published on February 17, 2019

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