Finance Minister Mr. P. Chidambaram officially started Insurance Repository System wherein the customers can hold their policies in electronic form.
Under this facility, a unique identification code will be provided to all the policy holders intending to hold policy in e-form and that their policies will come under that code. This code once allotted will be permanent and will contain history of the policy holders such as claims, nominees, beneficiaries and other data.
This facility, in addition to holding policies in e-form, will also facilitate faster changes, modifications and revisions in the insurance policy with speed and accuracy. This will bring more transparency and cost reduction in the issuance and maintenance of insurance policies.
To enable this facility, the policy holder has to register with any of the 5 repositories as under. Market regulator Insurance Regulatory and Development Authority has given license to these 5 companies to act as a repository which will be valid till July 31, 2014. These 5 companies who have been given licenses are:
NSDL Database Management Limited
Central Insurance Repository Limited
SHCIL Projects Limited
CAMS Repository Services Limited
Karvy Insurance Repository Limited
Mr. P. Chidambaram also said that for non life insurance policies also Insurance Repository System will be launched soon.
