IRDAI proposes to mandate dematerialisation of new insurance policies

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The Insurance Regulatory and Development Authority of India (IRDAI) has proposed to mandate the dematerialisation of a new insurance policy by the ending month of the calendar year 2022.

“To promote ease of doing business for insurers and ease of access and services for policy-holder, IRDAI has proposed to ensure mandatorily issuance all insurance policies in electronic form through Insurance Repository (IR) system,” said Vijay Gupta, Senior Vice President, NDML.

It may be mentioned that Insurance Repositories were set up under the Insurance Repository Regulations. Over the last few years, Insurance Repositories have helped in electronic issuance, storage and services for over 10 million insured persons. Insurance Repository maintains Electronic Insurance Account (EIA) of the insured person and all insurance policies (life/non-life/group) can be stored and accessed through this EIA facility.

Gupta further said, “The new proposal seeks to make the electronic issuance through EIA universal so as to provide benefits of digital and consolidated access of all policies to all insured and their nominees. This is also expected to bring significant benefits of automating the insurance issuance and servicing aspects.”

“National Insurance Repository (NIR) is operated by NSDL Database Management Limited (100% owned subsidiary of NSDL),” added Gupta.

Dematerialisation is a process of converting physical documents into online/electronic format. Going forward, eKYC process will also help in dematerialising all insurance policies.

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