Following regulators :All you wanted to know about insurance repository

Dated : 7th Sep, 2013

Insurance Repository means a company formed and registered under the Companies Act, 1956 (1 of 1956) and which has been granted a certificate of registration by IRDA for maintaining data of insurance policies in electronic form on behalf of Insurers.

Insurance repository provides policyholders a facility to keep insurance policies in electronic form and to undertake changes, modifications and revisions in the insurance policy with speed and accuracy. In

addition, the repository acts as a single stop for several policy service requirements.

Insurance repositories cannot sell/solicit insurance policies. They are authorized only to maintain the policies in electronic form and provide a service record of all insurance policies.

What is an eIA (e-Insurance account)?

eIA stands for e-Insurance Account or “Electronic Insurance Account” which will safeguard the insurance policy documents of policyholders in electronic format. This e-Insurance account will facilitate the policyholder by providing access to the insurance portfolio at a click of a button through internet.

Currently, IRDA has granted the Certificate of Registration to the following five entities to act as

Insurance repositories that are authorized to open e-Insurance Accounts.

1. M/s NSDL Database Management Limited

2. M/s Central Insurance Repository Limited

3. M/s SHCIL Projects Limited

4. M/s Karvy Insurance Repository Limited

5. M/s CAMS Repository Services Limited

Each e-Insurance Account will have a unique Account number and each account holder will be granted a unique Login ID and Password to access the electronic policies online.

Is there a charge for opening of e-Insurance Account or on periodic basis?
No. e-Insurance account is offered free of cost to the applicants.

Can any individual open more than one e-insurance account with any Insurance Repository?

No. As per the IRDA guidelines, an individual cannot open multiple e-Insurance accounts.

What is an e-Insurance account application form? Where can it be obtained from?

An e-Insurance account application form is one that is used by an individual to open an e-insurance

account with the Insurance Repository. This form would be available with Insurance Company, Insurance Repository or an Approved Person.