For the purpose, Insurance Regulatory and Development Authority (IRDA) has accorded the insurance repository status to five companies, including Central Insurance Repository Limited, NSDL Database Management Limited, Karvy Insurance Repository Limited, CAMS Repository Services Limited and
SHCIL Projects Limited.
How Insurance Repositories shall function?
All of the 5 repositories granted the status of insurance repository by the IRDA with license valid until July 31, 2014 would provide each of the policyholder with a unique code. All of the policies of the insured would then find place under this unique code.
The move is primarily aimed at providing customers with an online platform to keep their life insurance policies intact in an e-account. Also, the e-account with the insurance repository shall enable the policyholder to perform any sought modifications or revision in the policy at a reduced cost and with a greater efficiency and transparency.
During the launch, Chidambaram also stated that the Insurance Repository System shall have digitised non-life insurance policies in near future.