IRDA may allow customers to hold insurance policies in electronic form
By Neelima Shankar
Jan 11, 2013
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The insurance sector regulator, Insurance Regulatory and Development Authority (IRDA) may soon allow policyholders to hold their insurance policies like in an electronic form.

At a recent meeting of IRDA, it reportedly licensed several entities such as Central Depository Services Limited (CDSL), Computer Age Management (CAMS) Repository Services, National Securities Depository Limited (NSDL), Karvy Group and Stock Holding Corporation of India to act as storage facilities of insurance policies.

Following this move, customers holding insurance policies will be able to maintain their policies electronically and make any required changes or modifications in them, as needed. No extra charges will be levied for using this service as the insurance storage facilities will be paid by the insurers themselves.

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