Life Insurance Corporation of India (LIC) has informed that LIC has been digitizing all its polity records and as on date all of LIC policy records have been digitized.
The Insurance Regulatory and Development Authority (IRDA) vide Circular ref: IRDA/ADMN/GDL/GLD/080/04/2011 dated 29th April, 2011 has issued Guidelines on insurance repositories and electronic issuance of insurance policies followed by a clarification circular vide ref: IRDA/NL/CIR/MISC/138/07/2013 dated 18th July, 2013.
The Guidelines provide for dematerialization of both existing and new insurance policies. Five Insurance Repositories (IRs) have been granted certificate of registration to maintain such electronic policies. The said guidelines provide for various means to protect the interests of the customers by having strict norms for licensing, fit and proper criteria for the CEOs of the repositories and a two stage licensing process. Explicit norms for policy holders servicing, issuance of electronic policies, services, norms for opening and maintenance of electronic insurance accounts and operation of minor's accounts have been provided in the guidelines. The guidelines also stipulate a number of policy holder protection measures such as grievance redressal mechanism, rights of policy holders to opt out, obligations of insurers, inter repository transfers etc.
This information was given by the Union Minister of Finance, Shri Arun Jaitley in written reply to a question in Lok Sabha today.
The Insurance Regulatory and Development Authority (IRDA) vide Circular ref: IRDA/ADMN/GDL/GLD/080/04/2011 dated 29th April, 2011 has issued Guidelines on insurance repositories and electronic issuance of insurance policies followed by a clarification circular vide ref: IRDA/NL/CIR/MISC/138/07/2013 dated 18th July, 2013.
The Guidelines provide for dematerialization of both existing and new insurance policies. Five Insurance Repositories (IRs) have been granted certificate of registration to maintain such electronic policies. The said guidelines provide for various means to protect the interests of the customers by having strict norms for licensing, fit and proper criteria for the CEOs of the repositories and a two stage licensing process. Explicit norms for policy holders servicing, issuance of electronic policies, services, norms for opening and maintenance of electronic insurance accounts and operation of minor's accounts have been provided in the guidelines. The guidelines also stipulate a number of policy holder protection measures such as grievance redressal mechanism, rights of policy holders to opt out, obligations of insurers, inter repository transfers etc.
This information was given by the Union Minister of Finance, Shri Arun Jaitley in written reply to a question in Lok Sabha today.
