The Insurance Regulatory and Development Authority (Irdai) has been trying to get insurance policies under the demat form since 2013 when it first licensed five companies to set up insurance repositories. This rule will be made applicable to all insurance contracts, both for existing and new customers, these people said, including executives from insurance repositories, insurance companies and a regulatory official. A demat format for insurance policy serves the same purpose as for equities: it is a single-view, paper-free, safe format which will also cut processing charges for insurance companies and potentially reduce premiums tooIrdai has been trying to get insurance under the demat format since 2013 when it first licensed five companies to set up insurance repositories. A demat format for insurance serves the same purpose as for equities: It is a single-view, paper-free, safe format which will also cut processing charges for insurance companies and potentially reduce premiums too. National Insurance-policy Repository (run by NSDL Database Management Ltd), CDSL Insurance Repository Ltd, Karvy Insurance Repository Ltd and CAMS Repository Services Ltd are the remaining firms in the fray.

Source: Mint March 27, 2017 18:52 UTC