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Are you planning to secure Insurance Repository Registration? Reach out to the Enterslice team to simplify the process with our effortless, transparent, and fully-compliant registration support.
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If you are a company looking to provide digital insurance policy management services in India, obtaining an insurance repository registration from the Insurance Regulatory and Development Authority of India is a crucial step. The insurance repository registration is a regulatory approval granted by the IRDAI, which authorizes entities to act as a secure custodian of e-insurance accounts.
The insurance repository registration further helps insurers and policyholders to streamline operations, reduce paperwork, and enhance data accessibility. Worried about the challenges faced while securing insurance repository registration? Talk to Enterslice experts, ensuring a smooth, compliant, and hassle-free registration process for obtaining your Insurance Repository License from IRDAI.
Authorizes operation as a custodian
Increasing adoption of e-insurance accounts
Improves transparency and accessibility
Promotes digital efficiency in insurance
India’s move towards a digital-first model
Supporting India’s Mission ‘Insurance for all by 2047
Ensure quick, transparent, and compliant insurance repository registration online with Enterslice’s expert support.
The objectives of the IRDAI-created insurance repository system registration are as discussed below:
The insurance repository system registration ensures the elimination of physical paper insurance policy documents, thereby reducing storage hassle and the risk of loss or damage.
The insurance repository system registration allows easy access to policy details and facilitates quick changes, modifications, nominations, and premium payments.
The insurance repository system ensures streamlining policy servicing, reduces turnaround times for various requests, and brings greater transparency to the insurance ecosystem.
The insurance repository system ensures minimizing instances of fraudulent claims or misrepresentation by maintaining a centralized, verified database of policies.
The insurance repository system encourages more people to buy insurance by simplifying the ownership and management process.
Securing insurance repository registration offers multiple benefits as discussed below:
Securing insurance repository registration ensures the storage of policy data and enhances transparency between insurers and policyholders.
Obtaining insurance repository registration enables the digital management of insurance policies, reduces paperwork, and promotes a paperless, efficient ecosystem.
Securing insurance repository registration allows policyholders to access, update, and manage multiple insurance policies through a single electronic account (eIA).
Securing insurance repository registration ensures seamless integration with insurance companies, allowing smoother policy issuance and servicing through electronic platforms.
The registration of insurance repositories ensures strict adherence to high standards of data security and enhanced compliance with IRDAI guidelines.
Having insurance policies in electronic form makes claim processing faster, more transparent, and less prone to errors or delays.
The process to apply for insurance repository registration in India requires compliance with the following steps, as discussed below:
The first step in the process of insurance repository registration is to ensure that the applicant company meets all the eligibility conditions specified by IRDAI, including minimum net worth, technical infrastructure, data security framework, and fit and proper management criteria.
Next, the applicants must prepare and compile all the necessary documents, such as the company’s incorporation certificate, business plan, IT system details, organizational structure, and financial statements, as required by IRDAI.
In the next step, the applicants must file an Application Form IR-1 (i.e., Insurance Repository-1) along with all supporting details and the prescribed non-refundable processing fee to IRDAI.
Upon receiving the application, the IRDAI examines the submitted documents and grants an in-principle approval to the applicant to proceed further with the registration process.
Next, the applicants must submit an affidavit of compliance along with the registration fee within 15 days of the receipt of intimation from the authority during the assessment period.
Before issuing the final license, IRDAI conducts an inspection or on-site verification of the applicant’s office premises, technology systems, and data security mechanisms to ensure readiness and compliance.
Once all conditions are met for insurance repository registration, IRDAI issues the certificate of registration, authorizing the applicant to commence operations as a licensed insurance repository in India.
The timeline to obtain an insurance repository registration from IRDAI generally takes around 4 to 6 months. Have a look at the breakdown to secure an insurance repository license, as discussed below:
It usually takes around 3 to 4 weeks to ensure compliance with IRDAI’s eligibility criteria and prepare all necessary documents needed to obtain an insurance repository license.
Once all the eligibility criteria are met, it takes around 2 to 3 weeks to file the Application Form IR-1, along with other supporting documents.
After receiving the application, IRDAI takes around 4 to 6 weeks of time period to review documents and seek additional information or clarification, if required.
Within 3 to 4 weeks of submission of the application, IRDAI grants an in-principle approval, allowing applicants to proceed with further formalities.
Once all compliance conditions are fulfilled, IRDAI takes around 3 to 4 weeks to conduct an on-site inspection and grant the insurance repository license in India.
The list of essential documents needed for the insurance repository system registration is as follows:
Recent passport-sized photographs
Identification and address proof of all the applicants
Pan card or copy of Form 60
Copy of the company’s certificate of registration
Copy of the net worth certificate of the company
Memorandum of Association (MOA)
Receipt of the non-refundable license processing fee
Cancelled cheque indicating bank account and IFSC code
Duly filled application form IR-1
Self-attested copies of your KYC documents
Any other supporting documents (if required)
Ready to digitize insurance operations? Book a meeting with our experts today and get IRDAI approval faster.
In India, the regulatory framework for the insurance repository registration is established by IRDAI. Generally, entities seeking registration must comply with the IRDAI-prescribed format and adhere to strict financial and operational standards to obtain a certificate of registration, authorizing the commencement of operations as a licensed insurance repository in India.
The IRDAI regulations also mandate repositories to offer secure and convenient e-Insurance Accounts, allowing policyholders to access and manage multiple insurance policies digitally. This initiative not only promotes digitalization but also enhances policyholders’ convenience and strengthens data protection within the insurance ecosystem. Have a look at some of the key highlights of the insurance repository framework:
Governed by IRDAI Regulations
Ensures Data Security & Electronic Policy Management
Promotes Digital Accessibility for Policyholders
Requires Strict Compliance & Periodic Audits
The Insurance Regulatory and Development Authority of India (IRDAI) has recently introduced several updates to enhance the efficiency, transparency, and digital transformation of the insurance repository system registration in India. The reforms introduced in 2024-25 aim at strengthening policyholder convenience, promoting paperless transactions, and ensuring robust data security in the insurance ecosystem.
IRDAI’s new initiative further focuses on expanding the repository framework, encouraging insurer participation, and improving integration between repositories and insurers. Below is the list of the latest developments shaping India’s insurance repository ecosystem:
IRDAI has directed all insurers to issue and maintain policies in electronic form through registered insurance repositories.
To ensure the safety and policyholder information, IRDAI has mandated repositories to adopt stronger cybersecurity protocols and real-time monitoring systems.
Introduced e-Insurance accounts (eIA), which allow policyholder to hold their electronic insurance policies in a single, consolidated digital account.
IRDAI is continuously encouraging insurance companies and repositories to move toward end-to-end digital policy servicing for a paperless customer experience.
The most common challenges in the process of insurance repository IRDAI registration online are as follows:
Talk to Enterslice consultants, and let us help you overcome the challenges with minimum effort.
Any non-compliance with the IRDAI insurance repository regulations includes a daily penalty of up to Rs. 1 lakh or a total of Rs. 1 crore, whichever is less. Have a look at the following reasons for such a penalty:
The eligibility criteria required for the insurance repository registration in India are as discussed below:
Checklist for Insurance Repository Registration
Who Can Apply for the Insurance Repository License?
The following is the list of mandatory post-compliance obligations for insurance repository registration in India:
As a leading consulting firm, Enterslice provides expert guidance for obtaining an insurance repository license in India. With over a decade of experience in financial and regulatory licensing, our professionals ensure a seamless and compliant registration process. Here are some of the reasons why you should choose Enterslice for insurance repository registration:
Insurance repository system registration is a license granted by the IRDAI to companies registered under the Companies Act, 2013. The grant of insurance repository system registration ensures the facilitation of digital services for maintaining insurance policies in an electronic medium.
The validity of the insurance repository license certificate is 3 years from the date of issuance by the Insurance Repository and Development Authority of India (IRDAI).
The process to apply for insurance repository registration requires the applicant to comply with the following steps:
The objective of the Insurance repository in India is to provide the policyholders with a facility to keep insurance policies in electronic form and to undertake changes, modifications, and revisions in the insurance policy with speed and accuracy.
The list of documents required for the insurance repository registration in India includes:
An e-insurance account application form is one that is used by an individual to open an e-insurance account with the insurance repository. However, this form would be available with the Insurance Company, Insurance Repository, or an approved person.
No, only entities that are registered under the Companies Act, 1956/2013, and that have been granted an insurance repository registration certificate by IRDAI can act as an insurance repository. However, individuals cannot act as an insurance repository, as they are authorized to maintain only electronic insurance policies and provide policy service requirements.
Yes, it is possible to convert the existing paper policies into electronic form. A service request may be made to the insurance repository or insurer, or the approved person in this regard.
The benefits of obtaining an insurance repository registration in India are as discussed below:
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