Monday, June 30, 2014

IRDA To Launch Pilot Project For Insurance Policy Digitisation

The Insurance Regulatory and Development Authority (IRDA) has decided to launch an Insurance Repository System on a pilot basis to move towards an electronic paperless environment.

According to the insurance watchdog, it will be mandatory for all the life Insurers and insurance repositories to participate in the pilot launch. The pilot project for digitisation of insurance policies would start from July 1 for duration of two months.

The regulator in a statement said, “During the pilot launch, each life insurer shall convert a minimum of 1000 or 5 percent of the existing individual policies (issued in hard form and currently in force) whichever is less for each of the Insurance Repositories (IRs) into electronic form."

This shall be, however, subject to a minimum of 250 policies per IR, IRDA said.

As per the IRDA, during the pilot launch, no insurer can deny any request for electronic policy both for conversion of existing policies and for issuance of new policies from any of the policyholders.

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