Insurance Regulatory Development Authority of India (IRDAI) has drafted new guidelines with respect to maintenance of insurance records. All stakeholders are required to revert with their inputs by June 10th, 2015, so that the regulations can be rolled out. The new guidelines revolves around maintenance of policy and claim records.
Electronic maintenance of policy and claim records:
While the insurers have been maintaining the register of the policies and claims in compliance with the provisions of the Insurance Act, 1938, the amendments to the Insurance Act have facilitated maintenance of the same in an electronic form also. With the advancement in technology, the maintenance of records in electronic forms has become both easy and cost effective. It facilitates easy retrieval, round the clock accessibility and helps the insurers to serve the policyholders in a better way.
Draft of regulations on maintenance of Insurance Records
Maintenance of policy claims and records
Every insurer shall maintain a record of every policy issued and claim made.
Record of such policies and claims can be either in physical or electronic form or both.
The system of maintenance and storage of the records shall be as per policy framed by the insurers and approved by their board.
With regards to the storage of records in electronic form, below to be taken care off:
Processing and electronic maintenance of records
Privacy and security of policyholder data
Handling Virus, Vulnerability issues
Security of Hardware and Software
Backups, Disaster Recovery and Business Continuity
Data Archival
Matters related to regulatory compliance and day to day business requirements of the insurer.
Filling of policy on maintenance and storage of electronic records
Every insurer shall within 90 days from the date of notification of these regulations, file with the Authority, their board approved policy of maintenance and storage of such records.
Where such a policy undergoes change, the same shall be filed with the authority, within 30 days from the date of such revision by the board
