What is Insurance Repository Registration?

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

Your Partner for Smooth Insurance Repository Registration

Ensure quick, transparent, and compliant insurance repository registration online with Enterslice’s expert support.

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Objectives of the Insurance Repository System Registration

The objectives of the IRDAI-created insurance repository system registration are as discussed below:

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Elimination of Physical Documents

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.

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Ease of Access & Service

The insurance repository system registration allows easy access to policy details and facilitates quick changes, modifications, nominations, and premium payments.

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Enhance Efficiency and Transparency

The insurance repository system ensures streamlining policy servicing, reduces turnaround times for various requests, and brings greater transparency to the insurance ecosystem.

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Reduces Fraud

The insurance repository system ensures minimizing instances of fraudulent claims or misrepresentation by maintaining a centralized, verified database of policies.

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Boosts Financial Inclusion

The insurance repository system encourages more people to buy insurance by simplifying the ownership and management process.

Benefits of Securing Insurance Repository Registration

Securing insurance repository registration offers multiple benefits as discussed below:

Improves Data Security

Securing insurance repository registration ensures the storage of policy data and enhances transparency between insurers and policyholders.

Facilitates Digital Transformation

Obtaining insurance repository registration enables the digital management of insurance policies, reduces paperwork, and promotes a paperless, efficient ecosystem.

Enhances Policyholder Convenience

Securing insurance repository registration allows policyholders to access, update, and manage multiple insurance policies through a single electronic account (eIA).

Ensures Seamless Integration with Insurers

Securing insurance repository registration ensures seamless integration with insurance companies, allowing smoother policy issuance and servicing through electronic platforms.

Enhanced Compliance

The registration of insurance repositories ensures strict adherence to high standards of data security and enhanced compliance with IRDAI guidelines.

Easy Settlement of Claims

Having insurance policies in electronic form makes claim processing faster, more transparent, and less prone to errors or delays.

How to Apply for Insurance Repository Registration?

The process to apply for insurance repository registration in India requires compliance with the following steps, as discussed below:

Step 1: Check Eligibility Requirement

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.

Step 2: Prepare Required Documents

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.

Step 3: File Application Form IR-1

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.

Step 4: Obtain In-Principle Approval

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.

Step 5: Submit Affidavit to IRDAI

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.

Step 6: Inspection & On-Site Verification

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.

Step 7: Receive Insurance Repository License

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.

How Long Does It Take to Get an Insurance Repository License?

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:

Eligibility and Preparation: 3 to 4 Weeks

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.

Filing of Application Form IR-1: 2 to 3 Weeks

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.

IRDAI Review and Verification: 4 to 6 Weeks

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.

In-Principle Approval: 3 to 4 Weeks

Within 3 to 4 weeks of submission of the application, IRDAI grants an in-principle approval, allowing applicants to proceed with further formalities.

FFinal Inspection & Grant of License: 3 to 4 Weeks

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.

Documents Needed for Insurance Repository System Registration

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.

Regulatory Framework for Insurance Repository Registration

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:

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Governed by IRDAI Regulations

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Ensures Data Security & Electronic Policy Management

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Promotes Digital Accessibility for Policyholders

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Requires Strict Compliance & Periodic Audits

Recent Updates on Insurance Repository System Registration

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:

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Mandatory Electronic Policies

IRDAI has directed all insurers to issue and maintain policies in electronic form through registered insurance repositories.

Enhanced Data Security Framework

To ensure the safety and policyholder information, IRDAI has mandated repositories to adopt stronger cybersecurity protocols and real-time monitoring systems.

e-Insurance Accounts (eIA)

Introduced e-Insurance accounts (eIA), which allow policyholder to hold their electronic insurance policies in a single, consolidated digital account.

Digital-First Approach

IRDAI is continuously encouraging insurance companies and repositories to move toward end-to-end digital policy servicing for a paperless customer experience.

Challenges in Insurance Repository IRDAI Registration Online

The most common challenges in the process of insurance repository IRDAI registration online are as follows:

  • Encouraging Adoption: Most insurance companies and repositories find it difficult to promote and convince policyholders to encourage the adoption of a new digital system.
  • Technical Integration: Most insurers face technical challenges and operational inefficiency while integrating their systems with the repositories.
  • Impact on Customer Relations: The consistent shift towards the digital repositories weakens the traditional face-to-face relationship between agents and policyholders.
  • Cybersecurity Risks: Most insurance repositories, such as online financial platforms, face cybersecurity risks and breaches, leading to financial losses and reputational damage.

Talk to Enterslice consultants, and let us help you overcome the challenges with minimum effort.

Penalties for Non-Compliance with Insurance Repository Regulations

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:

  • Penalty for failure to file a return, furnish any information, or documents
  • Penalty for failure to maintain books of accounts or records
  • Penalty for failure to redress policyholder’s grievances
  • Penalty for failure to comply with directions issued by the IRDAI

Eligibility Criteria for Insurance Repository Registration

The eligibility criteria required for the insurance repository registration in India are as discussed below:

Checklist for Insurance Repository Registration

  • Must be a public limited company incorporated under the Companies Act, 2013
  • Must clearly state the primary objective of the company
  • Must apply to include public financial institutions, subsidiaries, etc.
  • Must have a minimum paid-up share capital of Rs. 5 lakhs
  • Must hold a net worth of at least Rs. 25 crores
  • Permitted FDI up to a certain limit of 74%
  • Must function as an insurance repository to maintain e-insurance accounts (eIA)
  • The name of the company must include ‘insurance repository’ in its name
  • The applicants/promoters must have no conflict of interest with the insurance business

Who Can Apply for the Insurance Repository License?

  • Public limited company
  • Public financial institutions
  • Subsidiary of a SEBI-registered depository
  • Company promoted by the Life or General Insurance Council
  • Technologically capable organizations
  • Entities with a net worth requirement
  • Other entity permitted by the IRDAI

Post-Compliance Obligations for Insurance Repository Registration

The following is the list of mandatory post-compliance obligations for insurance repository registration in India:

  • Build a compliant and robust operational framework
  • Ensure compliance with standard operating procedures
  • Establish strong internal control systems
  • Maintain accurate and exhaustive records of all transactions
  • Operate highly secure and redundant data centres
  • Implement and maintain robust IT systems
  • Employ advanced encryption techniques for data in transit
  • Implement rigorous due diligence and ongoing monitoring of approved persons
  • Establish a strong governance framework with active oversight from the Board of Directors
  • Appoint a dedicated compliance officer to oversee all regulatory compliance
  • Conduct regular internal audits to assess the effectiveness of internal controls
  • Implement a comprehensive data security framework as per IRDAI guidelines
  • Conduct periodic cybersecurity audits and penetration testing
  • Develop and regularly test an incident response plan
  • Maintain a comprehensive Business Continuity Plan & Disaster Recovery Plan
  • Implement off-site data backup and recovery mechanisms
  • Undergo annual statutory audits of financial statements
  • Ensure filing of annual returns and audited financial statements with IRDA
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Why Trust Enterslice for Insurance Repository Registration?

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:

  • Consultants with in-depth knowledge of IRDAI regulations
  • Strong network of 10,000+ CAs, CSs, lawyers, and compliance experts
  • Successfully assisted in multiple insurance and financial registrations across India
  • Impressive 98% success rate in obtaining regulatory licenses
  • Provide complete post-registration compliance support
  • Handle documentation and submission efficiently for IRDAI approval
  • Ensure quick turnaround time and smooth coordination with authorities
  • Help mitigate regulatory risks during the license acquisition process
  • Prioritize quick processing and minimal delays for insurance repository registration
  • Helps identify and address potential compliance risks

Frequently Asked on 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:

  1. Step 1: Check Eligibility Requirement
  2. Step 2: Prepare Required Documents
  3. Step 3: File Application Form IR-1
  4. Step 4: Get In-Principle Approval
  5. Step 5: Submit Affidavit to IRDAI
  6. Step 6: Inspection & On-Site Verification
  7. Step 7: Receive Insurance Repository License

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:

  1. Identification and address proof of all the applicants
  2. Recent passport-sized photographs
  3. PAN card or copy of Form 60
  4. Copy of the company’s certificate of registration
  5. Copy of the net worth certificate of the company
  6. Memorandum of Association (MOA)
  7. Receipt of the non-refundable license processing fee
  8. Cancelled cheque indicating bank account and IFSC code
  9. Duly filled application form IR-1
  10. Self-attested copies of your KYC documents
  11. Any other supporting documents (if required)

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:

  1. Ensures the secure storage of policy data
  2. Enhances transparency between insurers and policyholders
  3. Enables the digital management of insurance policies
  4. Allows policyholders to access multiple insurance policies through a single electronic account (eIA)
  5. Ensures seamless integration with insurance companies
  6. Ensures strict adherence to high standards of data security
  7. Makes claim processing faster, more transparent, and less prone to errors or delays

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