Irdai is considering the dematerialization of new insurance contracts

The Insurance Regulatory and Development Authority of India (Irdai) has proposed to mandate 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 service for policyholders, Irdai has proposed to ensure the mandatory issuance of all insurance policies in electronic form through the Repository System (IR),” said Vijay Gupta, Senior Vice President, NDML. .

The RIs were created within the framework of the regulation of insurance standards. In recent years, insurance repositories have contributed to issuance, storage and electronic services for more than 10 million policyholders. The insurance repository maintains the 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 aims to make electronic issuance via the EIA universal to provide the benefits of digital and consolidated access to all policies to all policyholders and their representatives. This should also bring significant benefits in terms of automation of insurance issuance and service aspects,” Gupta said. “National Insurance Repository (NIR) is operated by NSDL Database Management Limited (a wholly owned unit of NSDL),” Gupta said. he declares.

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