Insurance Regulatory and Development Authority Guidelines

Hello sir, I am AKash Pareek. I am from Jalandhar. I want you to help me by giving me some information about the guidelines of Insurance Regulatory and Development Authority of India for Insurance repositories and electronic issuance of insurance policies. Can you help me?

[Kiran Chandar]

Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body which regulates and develops the insurance industry in India.
It was formed in the year 1999.
It’s headquarter is located in Hyderabad, Telangana, India.

As you have asked about the guidelines of Insurance Regulatory and Development Authority of India for Insurance repositories and electronic issuance of insurance policies, I am giving you information about it
Objective and Utilization of Insurance Repository

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.

Eligibility norms for setting up an Insurance Repository
The Authority shall not consider an application for insurance repository, unless the applicant belongs
to one of the following categories, namely:‐
a. a public limited company registered under the Companies Act, 1956 with a minimum share
capital of Rs 5 lakhs;
b. a public financial institution as defined in section 4A of the Companies Act, 1956 (1 of 1956);
c. a wholly owned subsidiary of an existing depository registered with Securities and Exchange
Board of India under the Depositories Act, 1996


IRDA guidelines for Insurance repositories and electronic issuance of insurance policies







For more, you can refer to the attached file