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IRDA launches pilot project for compulsory demat

According to Irda, it will be mandatory for all the life Insurers and insurance repositories to participate in the pilot launch.

June 13, 2014 11:24 IST | India Infoline News Service
The Insurance Regulatory and Development Authority (Irda) has decided to launch an Insurance Repository System on a pilot basis to move towards an electronic paperless environment.
According to Irda, it will be mandatory for all the life Insurers and insurance repositories (IRs) to participate in the pilot launch.
IRDA on Wednesday said the pilot project for digitisation of insurance policies would start from July 1.
"During the pilot launch, each life insurer shall convert a minimum of 1000 or 5 per cent of the existing individual policies (issued in hard form and currently in force) whichever is less for each of the Insurance Repositories (IRs) into electronic form," IRDA said in statement.
This shall be, however, subject to a minimum of 250 policies per IR, it said.
The pilot launch will be for duration of 2 months with effect from July 1 and it would be mandatory for all the life insurers and the 'Insurance Repositories' to participate in the pilot launch.

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