Today, the Union Finance Minister Sri P.
Chidambaram has launched IRDA's Insurance Repository System (IRS) in a function
held in Hyderabad. This system will help individual policy holders keep
insurance policies in electronic form and undertake modifications and
revisions.
Insurance Repository System will also have digitised
non-life insurance policies soon, Sri Chidambaram
said.
In
the mean time, the Insurance Regulatory and Development Authority (IRDA) said
that the Insurance
Repository System set up by the sector regulator in India, will be the first of
its kind in the world.
Earlier this month, the regulator gave five
companies - CAMS Repository Services Limited,
Central Insurance Repository Limited, SHCIL Projects Limited, NSDL Database
Management Limited and Karvy Insurance Repository Limited, the status of
insurance repositories and provided them with a licence that will be valid till
July 31, 2014. The regulator also said that insurance companies can enter into
agreements with one or more repositories.
IRDA in a statement said, “The objective of
creating an insurance repository is to provide policy holders 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
order to bring about efficiency, transparency and cost reduction in the
issuance and maintenance of insurance policies.”
The IRS will generate a
unique code number to all policyholders, and their policies will come under
that number. It maintains the history of the policy
details such as claims, nominees, beneficiaries and other data.
However, the policyholders will have an
option to choose to either IRS or to be stuck to the traditional format.
Source: http://www.insuringindia.com
No comments:
Post a Comment
So, what do you think?