5 insurance repositories get license from IRDA

India Infoline News Service | Mumbai |

The purpose of setting up an insurance repository is to provide policyholders a facility to keep insurance policies in electronic form

The Insurance Regulatory and Development Authority (IRDA) has given the status of insurance repositories to five companies.

The five companies include NSDL Database Management Ltd, Central Insurance Repository Ltd, CAMS Repository Services Ltd, SHCIL Projects Ltd and Karvy Insurance Repository Ltd.

The insurance regulator has recently clarified in its regulation on insurance repositories and said that insurers can ink agreements with one or more repositories.

The objective of creating an insurance repository is to provide policyholders a facility to keep insurance policies in electronic form and to undertake change in the insurance policy with speed and accuracy.
 

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