To promote “Ease of Doing Business” for Insurers and “Ease of Access & Services” for Insured persons; Insurance Regulatory and Development Authority of India” (IRDAI) has proposed to ensure mandatorily issuance all insurance policies in electronic form through Insurance Repository (IR) system. It may be mentioned that Insurance Repositories were set-up under the Insurance Repository Regulations. Over the last few years Insurance Repositories have helped in electronic issuance, storage and services for over 10 Million insured persons. Insurance Repository maintains 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 seeks to make the electronic issuance through EIA universal so as to provide benefits of digital and consolidated access of all policies to all insured and their nominees. This is also expected to bring significant benefits of automating the insurance issuance and servicing aspects.
National Insurance Repository (NIR) is operated by NSDL Database Management Limited (100% owned subsidiary of NSDL which the first and largest securities depository in India). as quoted by Mr. Vijay Gupta, Senior Vice President, NDML.
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