Irda has licensed five repositories, including National Securities Depository, Central Securities Depository, Stock Holding India, CAMS and Karvy, to manage policies in e-insurance policies in line with Sebi's securities depositories. Insurance repositories will hold all types of policies issued by life insurance, health insurance and general insurance companies will be covered including life, pension, health, motor and group covers in the electronic form, including the history of transactions during the term of policy. The insurance repository will provide policyholders a facility to keep all their insurance policies in electronic form in one account and to undertake changes, modifications and revisions in the insurance policy. IRDA has asked repositories to maintain arms lengths with distribution businesses. Karvy and Stock Holding Corporation will have to hive off their insurance distribution businesses.
Key Highlights: - Once a customer opens an account with a Repository, he/she can purchase subsequent policies from any insurance company without submitting KYC documents (Know your customer documents, ID & Address proofs) again. - Customers will need to open an e‐insurance account with insurance repositories for keeping insurance policies in electronic form. Accounts may be opened by a person who has insurance policies on his own or who proposes to take insurance policies - The documents required to open a Repository Account are an Application form & KYC norms (ID Proof, Address Proof) - Insurance companies will not charge the customer for issuing e-policies. Customers will need to pay charges for the account levied by the Repository The repositories will be operational in the next few weeks and thereafter account opening will start. We will inform you about the same once the process starts
By,
Kaushal Mandalia, CPFA
kaushalmandalia@gmail.com
Key Highlights: - Once a customer opens an account with a Repository, he/she can purchase subsequent policies from any insurance company without submitting KYC documents (Know your customer documents, ID & Address proofs) again. - Customers will need to open an e‐insurance account with insurance repositories for keeping insurance policies in electronic form. Accounts may be opened by a person who has insurance policies on his own or who proposes to take insurance policies - The documents required to open a Repository Account are an Application form & KYC norms (ID Proof, Address Proof) - Insurance companies will not charge the customer for issuing e-policies. Customers will need to pay charges for the account levied by the Repository The repositories will be operational in the next few weeks and thereafter account opening will start. We will inform you about the same once the process starts
By,
Kaushal Mandalia, CPFA
kaushalmandalia@gmail.com
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