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IRDA issues clarifications on insurance repositories norms

Insurance repository should upfront declare the list of insurers with whom the insurance repositories is having a tie up with service level agreement

July 23, 2013 2:56 IST | India Infoline News Service
The Insurance Regulatory and Development Authority (IRDA) has issued clarifications on the guidelines on insurance repositories and electronic issuance of insurance policies.

The insurance regulator issued the following clarifications on the guidelines on insurance repositories and electronic issuance of insurance policies dated 29th April, 2011.

Insurance repository should upfront declare the list of insurers with whom the insurance repositories is having a tie up with service level agreement (SLA) so that the customer is fully informed, the IRDA said in a circular on 18th July.

The demographic and identity related information obtained from e-KYC (know your customer) process put in place by UIDAI (Unique Identification Authority of India) should be considered as fulfilling the KYC norms prescribed by the IRDA, it added.

Every such agreement should have a clause specifying mutual responsibility towards the policyholder and the safe keeping of electronic information in case the agreement / ceases to exist. In such case, IRDA should be informed well in advance of not less than 30 days by both the insurer and the insurance repository.

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