IRDAI Insurance Repository Registration

Modernizing Policy Management

Complete guidance for obtaining an Insurance Repository license. We help with ₹25 Crore networth compliance and IRDAI technical registration.

Get registered as an Insurance Repository to provide electronic insurance accounts (eIA) and secure digital storage for policies.

The digital vault for insurance. Register as a repository to facilitate electronic policy management and eliminate physical document risks.

An Insurance Repository is a company licensed by IRDAI to provide facilities for help in maintaining data of insurance policies in electronic form on behalf of insurers. The primary goal is to provide policyholders with an Electronic Insurance Account (eIA) where all their policies can be stored and managed in one place.

Just as Depositories (NSDL/CDSL) revolutionized the stock market by eliminating physical share certificates, Insurance Repositories aim to eliminate physical policy documents, making renewals, claims, and address changes seamless and instant across all insurers.

QuickTaxperts provides specialized consulting for large corporate houses looking to enter this critical infrastructure segment, covering the high capital and technical standards required by IRDAI.

• Category: Insurance
• Facilitate one-stop modification of personal details across multiple policies.
• Enable electronic issuance and storage of Life, Health, and General insurance.
• Mandatory connectivity with the Central Electronic Insurance Repository (CEIR).
• High level of redundancy and disaster recovery requirements.
• Mandatory for providing Electronic Insurance Accounts (eIA)
• Registration under IRDAI (Insurance Repositories) Guidelines
• Requires a minimum paid-up capital of ₹25 Crores
• High-end data security and real-time connectivity with insurers

Repository Eligibility Criteria

Who can become an Insurance Repository?

• Legal Status: Must be a Company incorporated under the Companies Act.
• Capital: Minimum paid-up capital of ₹25 Crores is mandatory.
• Promoter: Promoters must have a clean track record and strong financial background.
• Technology: Must have hardware and software capable of handling millions of records.

Documents required

Document requirements vary by entity type, state, premises, and authority. These are the usual groups we verify before submission.

• Repository Checklist: Certificate of Incorporation and MOA/AOA.; Audited Financials for the last 3 years.; Detailed Project Report on technical infrastructure.; Cyber Security and BCP (Business Continuity Plan) documents.; System Audit reports from empanelled auditors.; KYC of promoters and key management personnel.; Proposed agreement with the Insurance Companies.

Process and timeline

• Capital Infusion: Ensuring the entity meets the ₹25 Cr paid-up capital requirement.
• Tech Build-up: Setting up secure data centers and insurance repository software.
• Application Filing: Submitting the formal application to IRDAI for repository license.
• Technical Audit: In-depth inspection of the system's security and connectivity by IRDAI.
• Registration Grant: Obtaining the final Certificate of Registration to start eIA services.

Expert review

IRDAI Insurance Repository Registration content is reviewed by QuickTaxperts Insurance Infrastructure Team, Regulatory Compliance Specialists.

• Checklist-led review
• Document pre-verification
• Authority-specific next steps

Frequently asked questions

These quick answers cover common planning questions before you request a checklist or quote.

• What is an Insurance Repository?: It is an IRDAI-registered company that maintains insurance policies in electronic form on behalf of policyholders.
• What is an eIA?: Electronic Insurance Account (eIA) is the portfolio account through which a policyholder can access and manage their policies online.
• What is the capital requirement for a repository?: The minimum paid-up capital required for an Insurance Repository is ₹25 Crores.
• Is it mandatory for an insurer to use a repository?: Yes, IRDAI has mandated insurers to provide an option for electronic policy issuance to all policyholders.
• Can a policyholder have multiple eIAs?: No, a policyholder can have only one unique Electronic Insurance Account across all repositories.
• What are the benefits of an eIA?: Safety (no lost documents), convenience (all policies in one place), and ease of making changes (address/nominee) across all policies.
• Who are the current repositories in India?: Major repositories include NSDL Database Management, CDSL Ventures, Karvy, and CAMSRep.
• How long is the registration valid?: The registration is permanent, subject to periodic reviews and compliance with IRDAI guidelines.