IRDAI proposes to make dematerialisation of new insurance policies mandatory

Senior Vice President Vijay Gupta said, “In order to promote ease of doing business for the insurers and ease of access and services for the policy-holder, IRDAI has launched all the insurance policies in electronic form through the Insurance Repository (IR) system. compulsorily proposed to be issued.” NDML.

It may be mentioned that insurance stores were set up under the Insurance Stores Regulations. Over the years, the Insurance Repository has facilitated electronic issuance, storage and services for over 10 million insured individuals. The Insurance Repository maintains the Electronic Insurance Account (EIA) of the Life Insured and all insurance policies (Life/Non-Life/Group) can be stored and accessed through this EIA facility.

Gupta further added, “The new proposal seeks to universalize electronic issuance through EIAs to provide all insureds and their nominees the benefit of digital and consolidated access to all policies. This will enable issuance and servicing of insurance. Automating the aspects is also expected to yield significant benefits.”

“The National Insurance Repository (NIR) is operated by NSDL Database Management Limited (a 100% owned subsidiary of NSDL), Gupta said.

Dematerialization is a process of converting physical documents into online/electronic format. In future, the eKYC process will also help in dematerializing all insurance policies.

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