Circular IRDAI/CIR/2024/4880 of the Insurance Regulatory and Development Authority of India dated 3rd July, 2024 on the holding of policies in electronic form [C1B-VJS]

IRDAI/CIR/2024/4880

Insurance Regulatory and Development Authority of India

Hyderabad, dated the 3rd July, 2024

CIRCULAR

To

All Adjudicating Officers,

Subject: The holding of policies in electronic form by insurance repositories under the Insurance Regulatory and Development Authority Act, 1999, regarding.

In exercise of the powers conferred by section 9 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Insurance Regulatory and Development Authority of India hereby issues the following

1. References have been received seeking clarification on the manner in which section 9 applies to the holding of policies in electronic form by insurance repositories.

2. The matter has been examined. Every insurance repository carrying on the holding of policies in electronic form shall make an application in Form IRDA-5 to the Council of Insurers within ninety days, accompanied by a fee of five thousand rupees.

3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which the holding of policies in electronic form is undertaken, and the Council of Insurers shall dispose of it within ninety days of its receipt.

4. Difficulties, if any, in the implementation of this circular may be brought to the notice of the Insurance Regulatory and Development Authority of India.

(Chief General Manager)