IRDA issues guidelines for e-insurance policies

Saturday 08, October, 2011 In order to reduce transaction costs and ensure swift modifications in insurance policies, the sectoral regulator Irda today unveiled guidelines for issuing them electronically. It also laid down the guidelines for repositories, which compile and store data about policyholders on behalf of insurance companies. "The objective of creating an insurance repository is to provide 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," Insurance Regulatory and Development Authority (Irda) said. Now, insurance companies can sell all the polices, be it life, pension and non-life, in the electronic form. Irda said that making available e-insurance policies would bring about efficiency, transparency and cost reduction in issuing and maintaining them. The guidelines state that an insurer issuing "e-insurance policies," shall have to take services of a registered repository.

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