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Q : Who is an Authorized Representative?

A : An Authorized Representative is a person as appointed by eIA holder or policyholder at the time of eIA opening, who will be operating his/her, eIA account in case of unfortunate demise or incapability of policyholder or eIA holder to operate his account. A policyholder or eIA holder can delegate his right to access the e-insurance account to Authorized Representative who will intimate the Insurance Repository about the demise of policyholder with valid proof of death and gives a request to cease his account after settlement of claim if any.

Q : What is Insurance Repository?

A : “Insurance Repository” means a company formed and registered under the Companies Act, 1956 (1 of 1956) and which has been granted a certificate of registration under these Guidelines by Insurance Regulatory and Development Authority of india for maintaining data of insurance policies in Electronic form on behalf of insurers including the history of transactions during the term of Policy.

Q : What is the objective of an Insurance Repository?

AThe objective of creating an insurance repository is to provide policyholders a facility to keep insurance policies in electronic form and to undertake changes, modifications and revisions in the insurance policy with speed and accuracy in order to bring about efficiency, transparency and cost reduction in the issuance and maintenance of insurance policies.

Q : What is the difference between depository and Repository ?

A :  A depository is a temporary storage where you put money and the value keeps fluctuating as per the market value.A repository is a place where some thing valuable is stored and the value is as per the agreement.

Q : Can anyone become or set up an Insurance Repository?

A : No, only entities approved by Insurance Regulatory and Development Authority  of india (IRDAI) can become an Insurance Repository. Insurance Companies cannot set up an Insurance Repository on their own nor can they hold more than 10% stake in any Insurance Repository.

Q : Do Insurance repository sell Insurance policy?

A : No, Insurance repository cannot sell insurance policy. They just maintain record of all insurance policy which the Policyholder has purchased from any insurance company.

Q : Who governs insurance repository?

A : Insurance Repository is governed by Insurance Regulatory & Development Authority of india (IRDAI).