The Insurance Repository in
India
India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since ...
is a
database
In computing, a database is an organized collection of data or a type of data store based on the use of a database management system (DBMS), the software that interacts with end users, applications, and the database itself to capture and a ...
of
insurance policies
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as ...
. It allows policy holders to make revisions to a policy. It launched on 16 September 2013. It is the world's first of its kind.
India's
Insurance Regulatory and Development Authority
The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous and statutory body under the jurisdiction of Ministry of Finance, Government of India. It is tasked with regulating and licensing the insurance and re-insur ...
originally issued licenses to five entities to act as Insurance Repositories; however,
SHCIL Projects Limited surrendered its Insurance Repository license in September 2015. The remaining four are:
*
CDSL Insurance Repository Limited (CDSL IR)
*
Karvy Insurance Repository Limited
* National Insurance-policy Repository by
NSDL Database Management Limited
*
CAMS Insurance Repository Services LimitedCAMS Insurance Repository Services Limited
/ref>
All such entities must contain the words "Insurance Repository" in their names.
References
External links
Insurance Regulatory and Development Authority
Handbook of Insurance Repository
Benefits of eIA
{{Insurance in India
2013 in India