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Central Insurance Repository gets IRDA Repository License

CIRL is an insurance repository set up under the guidelines on insurance repositories and electronic issuance of insurance policies

August 13, 2013 12:15 IST | India Infoline News Service
Central Insurance Repository Ltd (CIRL) received the IRDA (Insurance Regulatory and Development Authority) Repository License on 31 July 2013.

CIRL is an insurance repository set up under the guidelines on insurance repositories and electronic issuance of insurance policies. It is promoted by CDSL, CVL along with various Life Insurance & Non-Life Insurance Companies with an objective to provide policyholders a facility to keep insurance policies in electronic form.

CIRL has received its repository license from IRDA on 31st July 2013.
"IRDA guidelines on insurance repositories and electronic issuance of insurance policies" to permit creation of an e-insurance account and hold policies in electronic form. The salient features of the said guidelines are:
Policy holder holds unique e-insurance account.
One time KYC for maintaining the account and for procuring new policies in the future.
Policy holder can request their insurance companies who provide e-insurance facility through CIRL to credit old & new policies into their e-insurance account.
An e-insurance account holder can appoint Authorised Representative who shall help the policyholder's nominee get the benefits after his demise.

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