IRDA Introduces INSURANCE REPOSITORY SYSTEM (IRS)
The IRDA's Insurance Repository System (IRS) has been launched by Union Finance Minister P.Chidambaram. According to the Insurance Regulatory and Development Authority (IRDA),the insurance repository system set up by the regulator will be the first of its kind in the world.
What is Insurance Repository System (IRS)
The Insurance Repository System is a repository which will help you keep your policies in electronic form. You will be able to store all your insurance policies under a single electronic insurance account– similar to holding your shares in a demat account.
Which are the designated Repositories?
The designated entities are: NSDL Database Management Limited, Central Insurance Repository Limited, SHCIL Projects Limited, CAMS Repository Services Limited and Karvy Insurance Repository Limited. The insurance companies will have to enter into an agreement with these repositories for keeping the policies in electronic form.
What needs to be done:
You will have to open an electronic insurance account with the designated repositories by providing relevant documents. You will get an electronic insurance account number which you need to provide your insurer when you buy a new insurance policy to get your policy in an electronic form.
Benefits:
- The system will open a single window for you to access all your policies and you need not be worry about your physical policy getting misplaced , damaged or lost.
- The repository will issue a unique code number to all policy holders, and their policies will come under that number.
- It will maintain the history of the policy details such as claims, nominees, beneficiaries and other data.
However it will take some time before these functionaries are able to start their operation on a full scale and and general awareness is spread among the beneficiaries.
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