Register for Your Insurance Repository Account

Easily register for an IRDAI-approved Insurance Repository with RegisterKaro. Centralize all your policies online for secure access, simplified management, and expert help every step of the way.

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Overview of Insurance Repository in India

Any entity intending to maintain insurance policies in electronic format must obtain prior approval and registration as an Insurance Repository from the IRDAI (Insurance Regulatory and Development Authority of India). This mandate ensures the secure, standardized, and regulated management of electronic insurance policies, which enhances transparency and access for policyholders.

overview-of-insurance-repository

At RegisterKaro, we simplify the rigorous insurance repository registration process, ensuring your entity smoothly navigates IRDAI's requirements to become a licensed insurance repository in India.

Objective of the Insurance Repository System

The IRDAI created the Insurance Repository System with one primary goal: to give policyholders a secure, central, electronic facility to hold all their insurance policies. This system aims to:

  • Eliminate Physical Documents: Remove the need for physical paper insurance policy documents, reducing storage hassle and the risk of loss or damage.
  • Single View of Policies: Offer policyholders a consolidated view of all their insurance policies from different insurers in a single Electronic Insurance Account (eIA). This helps policyholders track and manage their entire insurance portfolio effortlessly.
  • Ease of Access and Service: Provide easy, anytime, anywhere access to policy details and facilitate quick changes, modifications, nominations, and premium payments.
  • Enhance Efficiency and Transparency: Streamline policy servicing, reduce turnaround times for various requests, and bring greater transparency to the insurance ecosystem.
  • Reduce Frauds: Minimize instances of fraudulent claims or misrepresentation by maintaining a centralized, verified database of policies.
  • Boost Financial Inclusion: Encourage more people to buy insurance by simplifying the ownership and management process.

Entities like Central Insurance Repository Limited, National Insurance Repository, Karvy Insurance Repository Limited, and CDSL Insurance Repository Limited are key players in this system, ensuring that policyholders have multiple options to choose from for managing their e-insurance accounts securely and efficiently.

Core Functions vs. Prohibited Activities for an Insurance Repository

A licensed insurance repository in India performs crucial functions to serve policyholders and insurers. However, there are also strict prohibitions to maintain the integrity of the system.

CategoryCore FunctionsProhibited Activities
Policy StorageDigitally stores life, health, motor, and other insurance policies in e-formatCannot store policies not issued by IRDAI-registered insurers
Account ManagementCreates and maintains e-Insurance Accounts (eIA) for policyholdersCannot operate or offer services without IRDAI authorization
Policyholder ServicesEnables updates to personal details, nominations, and addressCannot misrepresent services or offer advice beyond their licensed scope
Claims SupportFacilitates quick claim intimation and supports communication with insurersCannot directly process or approve insurance claims
Data SecurityEnsures protection of sensitive insurance data through encryption and access controlCannot share policyholder data with third parties without consent
Regulatory ComplianceAdheres to IRDAI rules, submits periodic reports, and allows auditsCannot act as an insurer, underwriter, or sell insurance policies directly
Technology InterfaceProvides a user-friendly digital platform for policy access and document downloadCannot host unapproved apps, tools, or offer non-compliant digital services
Communication ChannelSends policy updates, renewal reminders, and alerts on behalf of insurersCannot solicit business or influence a policyholder’s insurer selection

Navigating these operational boundaries is critical. Contact a RegisterKaro expert to ensure your business plan and SOPs are fully compliant with IRDAI guidelines.

Who is Eligible to Become an Insurance Repository?

Becoming a licensed insurance repository in India involves meeting stringent eligibility criteria set by IRDAI. These requirements ensure that only robust and reliable entities can handle sensitive policyholder data.

Who-is-Eligible-to-Become-an-Insurance-Repository

1. Corporate Entity Requirements

The applicant must be a company incorporated under the Companies Act, 2013 (or Companies Act, 1956, but would need to transition to the 2013 Act). Specifically, it must be:

  • A Public Limited Company.
  • A Public Financial Institution as defined in the Companies Act.
  • A subsidiary of a SEBI-registered depository (e.g., NSDL or CDSL, explaining why we have National Insurance Repository and CDSL Insurance Repository Limited).
  • A company promoted by the Life Insurance Council or the General Insurance Council, or both.
  • Any other entity as specifically permitted by IRDAI.

2. Financial Thresholds

Financial stability is paramount for an insurance repository given the nature of the data it handles.

  • Minimum Paid-up Share Capital: The applicant company must have a minimum paid-up share capital of Rs. 5 Crore (Rupees Five Crore).
  • Minimum Net Worth: On receiving "in-principle" approval from IRDAI, the applicant's net worth must be at least Rs. 25 Crore. This demonstrates the financial capacity to establish and maintain robust infrastructure and operations.

3. Ownership & Investment Structure

An investment structure is necessary for an insurance repository as:

  • No Foreign Direct Investment (FDI): As per current IRDAI guidelines, foreign investment is allowed up to 74% in insurance intermediaries.
  • No Conflict of Interest: Neither the applicant nor its promoters should have any conflict of interest with the insurance business. This ensures neutrality and prevents potential biases.

4. Company Name

The name of the applicant company must mandatorily include the words "Insurance Repository" to indicate its nature of business. For example, Central Insurance Repository Limited or Karvy Insurance Repository Limited.

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5. Memorandum of Association (MOA)

The Memorandum of Association (MOA) of the applicant company must clearly state that its primary objective is to act as an "Insurance Repository." This legal document outlines the scope of the company's activities and ensures that its core business aligns with the function of an insurance repository as regulated by IRDAI.

How to Get an Insurance Repository License from IRDAI?

The process to obtain an Insurance Repository license from IRDAI is multi-phased and requires meticulous planning and execution.

Phase 1: Invitation & Preparation (Pre-Application)

This initial phase focuses on preparing your organization and understanding the market and regulatory landscape before formally applying.

  • IRDAI's Call for Proposals: IRDAI typically initiates the process by issuing a "Request for Proposals" (RFP) or an invitation for applications for insurance repository registration. This signals their intent to license new entities; the issuance is highly selective and only occurs when IRDAI deems it necessary to license new repositories.
  • Feasibility Study: The aspiring applicant conducts a thorough feasibility study, assessing market demand, technological requirements, operational models, and financial viability to become an insurance repository in India.
  • Prepare Initial Infrastructure: Begin planning and, if possible, set up initial foundational elements for the proposed operational and IT infrastructure.

Phase 2: The Formal Application

In this phase, you formally apply to IRDAI with a comprehensive proposal and supporting documentation.

  • Application Form Submission: Prepare and submit the formal application in the prescribed format to IRDAI. This application must be exhaustive, covering all aspects of the proposed insurance repository operations.
  • Processing Fee: Accompany the application with a non-refundable processing fee, typically Rs. 10,000, payable to IRDAI.
  • Comprehensive Documentation: Compile and attach all required documents as per IRDAI guidelines, covering corporate details, financial standing, promoter backgrounds, technology plans, and operational frameworks.

Phase 3: IRDAI Scrutiny and In-Principle Approval

IRDAI carefully reviews your application and validates your organization’s capability to operate as a repository.

  • Thorough Review: IRDAI undertakes a rigorous scrutiny of the submitted application and documents. They may ask for clarifications, additional information, or revisions. This is where the depth of your preparation for insurance repository registration becomes critical.
  • Management Interaction: IRDAI may conduct interviews or presentations with the applicant's key management personnel and promoters. Assess their understanding, commitment, and vision for the insurance repository system.
  • In-Principle Approval: If IRDAI is satisfied with the application and the due diligence, they issue an "in-principle" approval. This is a milestone, indicating that the applicant has met the preliminary criteria. At this stage, the applicant must demonstrate a net worth of at least Rs. 25 Crore.

Phase 4: Post-Approval Formalities

After receiving in-principle approval, you must finalize the legal and operational setup to meet IRDAI’s stringent standards.

  • Affidavit Submission: Within 15 days of receiving in-principle approval, the applicant must submit an affidavit to IRDAI, confirming their commitment to adhere to all regulatory requirements.
  • Registration Fee: Pay the registration fee to IRDAI, typically Rs. 1,00,000.
  • Infrastructure Setup: This phase involves building the complete operational, technological, and security infrastructure as proposed in the application. This includes data centers, software systems, cybersecurity measures, and the "Approved Person" (AP) network.
  • Systems Audit: Undergo a comprehensive audit of your IT systems and operational readiness by an IRDAI-approved auditor. Ensure they meet the stringent security and functionality standards required for an e-insurance repository.
  • Demonstrate Readiness: The applicant must demonstrate to IRDAI that all systems, processes, and personnel are fully prepared to commence operations as an insurance repository in India.

Phase 5: Final Verification and Certification

The last phase involves on-site inspections and official certification by IRDAI to commence operations.

  • Physical Inspection: IRDAI conducts a physical verification and inspection of the applicant's infrastructure facilities, data centers, security measures, and operational setup.
  • Final Approval & Certificate of Registration: If all conditions are met and IRDAI is satisfied with the readiness, they grant the final Certificate of Registration, formally licensing the entity as an insurance repository. This marks the completion of the insurance repository registration journey.

Documentation Checklist for Application

A comprehensive and accurate documentation set is vital for successful insurance repository registration. Prepare these meticulously.

Document NamePurposeRemarks
Certificate of IncorporationProof of company registration under the Companies ActMust be a Public Limited Company
Memorandum & Articles of Association (MOA & AOA)To verify the main objective of maintaining insurance policies electronicallyMOA must include an insurance repository as a main object
Net Worth Certificate from a Chartered AccountantDemonstrates compliance with ₹5 crore minimum net worth requirementMust be signed and stamped by a Chartered Accountant
Audited Financial Statements (Last 3 Years)For financial health and background verificationRequired if the company is older than 3 years
Business Plan & Financial Projections (Next 3-5 Years)To assess the viability and sustainability of repository operationsShould include capital, infra, staffing, tech, risk management, etc.
Details of Directors and Key Managerial PersonnelTo evaluate qualifications and experienceInclude PAN, DIN, resumes, ID proofs, and address proofs
Fit & Proper Declaration for Promoters/DirectorsConfirms clean legal, financial, and regulatory recordAs per IRDAI fit and proper criteria
Infrastructure & Technology Architecture OverviewFor assessment of IT systems and data security readinessInclude server details, cybersecurity plan, and backup measures
Data Management and Security PolicyEnsures data privacy and protection of policyholder informationMust comply with IRDAI cybersecurity guidelines
Organization Chart & Staffing PlanTo show operational capacityInclude HR structure, roles, and responsibilities
Board Resolution Authorizing ApplicationLegal authorization from the company board to apply for an IR licenseDuly signed and dated
Details of Proposed Repository OperationsExplains the scope and method of functioningMust cover digital repository flow, services to insurers, etc.
Copy of PAN & GST RegistrationMandatory statutory registrationsSelf-attested copies
Declaration of No Conflict of InterestConfirms the company’s independence from insurance sales or underwritingSigned by authorized signatory
Application Form (Prescribed by IRDAI)Official application format as per IRDAI guidelinesFully completed and signed

Operational and Compliance Imperatives for Licensed Repositories

Obtaining the insurance repository license is just the beginning. Licensed entities must adhere to rigorous operational and compliance standards to maintain their registration and ensure the safety and security of policyholder data.

These are ongoing compliances for an insurance repository:

1. Building a Compliant and Robust Operational Framework

A strong operational foundation ensures seamless functioning and regulatory adherence.

  • Standard Operating Procedures (SOPs): Develop and implement comprehensive SOPs for all operations, including eIA opening, policy dematerialization, data management, service requests, grievance handling, and interactions with insurers and policyholders.
  • Internal Controls: Establish strong internal control systems to prevent errors, fraud, and ensure data integrity.
  • Record Keeping: Maintain accurate and exhaustive records of all transactions, policy data, and communications for prescribed periods.

2. Technology and Infrastructure: The Non-Negotiable Core

Reliable technology is essential to securely manage and scale repository services.

  • Secure Data Centers: Operate highly secure and redundant data centers to store policyholder data. These must meet stringent physical and logical security standards.
  • Robust IT Systems: Implement and maintain robust IT systems, including application software, databases, and network infrastructure, capable of handling large volumes of data and transactions reliably.
  • Encryption and Data Security: Employ advanced encryption techniques for data in transit and at rest. Implement strict access controls and authentication mechanisms to protect sensitive policyholder information. This is paramount for any insurance repository in India.
  • Scalability: Ensure the technology infrastructure is scalable to accommodate future growth in policyholder accounts and data.

3. The "Approved Person" (AP) Network

A qualified and monitored AP network is key to efficient customer service and compliance.

  • Appointment and Training: Appoint and manage a network of "Approved Persons" (APs) across various locations. These APs serve as physical touchpoints for policyholders for eIA opening, KYC verification, and service requests.
  • Vigilant Oversight: Implement rigorous due diligence and ongoing monitoring of APs to ensure they comply with IRDAI guidelines and maintain high service standards.
  • Training and Certification: Ensure all APs and their staff undergo mandatory training and certification as prescribed by IRDAI to handle policyholder interactions professionally and securely.

4. Adhering to Ongoing Governance and Compliance

Strong governance and compliance management foster accountability and regulatory trust.

  • Board and Management Oversight: Establish a strong governance framework with active oversight from the Board of Directors and senior management to ensure continuous compliance.
  • Compliance Officer: Appoint a dedicated Compliance Officer responsible for overseeing all regulatory compliance for an insurance repository.
  • Internal Audit: Conduct regular internal audits to assess the effectiveness of internal controls and compliance with IRDAI regulations.

5. Cybersecurity and Data Protection

Protecting policyholder data from cyber threats is non-negotiable.

  • Cybersecurity Framework: Implement a comprehensive cybersecurity framework as per IRDAI guidelines and industry best practices to protect against cyber threats, data breaches, and unauthorized access.
  • Regular Audits: Conduct periodic cybersecurity audits and penetration testing to identify and rectify vulnerabilities.
  • Incident Response Plan: Develop and regularly test an incident response plan to effectively manage and mitigate the impact of any cybersecurity incidents.

6. Business Continuity and Disaster Recovery

Ensuring uninterrupted services during disruptions is critical for customer trust.

  • Robust BCP & DRP: Maintain a comprehensive Business Continuity Plan (BCP) and Disaster Recovery Plan (DRP) that are regularly tested and updated. These plans ensure the uninterrupted operation of the insurance repository system even during unforeseen events.
  • Off-site Data Backup: Implement robust off-site data backup and recovery mechanisms to protect against data loss.

7. The Audit and Inspection Regimen

Regular audits and inspections verify compliance and operational soundness.

  • Statutory Audits: Undergo annual statutory audits of financial statements.
  • System Audits: Conduct periodic system audits as mandated by IRDAI to assess the robustness and security of the IT infrastructure.
  • IRDAI Inspections: Cooperate fully with IRDAI during their routine and ad-hoc inspections, providing all necessary information and access.

8. Regulatory Reporting and Filings

Timely reporting ensures transparency and regulatory compliance.

  • Periodic Reports: Submit various periodic reports to IRDAI, including operational data, financial performance, and compliance status.
  • Annual Filings: File annual returns and audited financial statements with IRDAI and the Registrar of Companies (ROC).

The Cost of Obtaining an IRDAI License for an Insurance Repository

Understanding the financial outlay is crucial when considering insurance repository registration. The costs primarily comprise regulatory fees and capital requirements.

Fee TypeDescriptionAmount (in Rs. )
Application Fee (Non-refundable)Payable at the time of applying to IRDAIRs. 10,000
Registration Fee (One-time, if approved)Payable after receiving in-principle approval from IRDAIRs. 1,00,000
Net Worth RequirementMinimum net worth to be maintained by the repository companyRs. 25,00,00,000 (Rs. 25 Cr)
Annual Maintenance ChargesOngoing compliance and operational oversight fees (approximate)Rs. 1,00,000 – Rs. 5,00,000
Legal and Documentation CostsCosts for preparing legal documents, business plans, and filingsRs. 1,00,000 – Rs. 2,00,000
Technology Infrastructure InvestmentSetting up secure digital infrastructure and compliance systemsRs. 50,00,000 – Rs. 2,00,00,000 (variable)

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Frequently Asked Questions (FAQs)

What is the validity of an Insurance Repository license?

An Insurance Repository license is valid for three years from the date of issuance of the Certificate of Registration. To continue operations, the licensed entity must apply for renewal at least 60 days before the expiry of the current license, along with the prescribed renewal fee (typically Rs. 50,000).

Can a foreign company or a company with foreign investment apply for an IR license?

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What are the common reasons for the rejection of an IR license application?

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Is a physical office and infrastructure mandatory for an Insurance Repository?

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What are the penalties for non-compliance after obtaining the license?

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Why Choose RegisterKaro for the Insurance Repository License Application?

The path to becoming a licensed insurance repository in India is intricate, demanding deep regulatory knowledge, meticulous documentation, and strategic planning.

  • Expert Guidance Through Complex Regulations: Seasoned legal and compliance professionals offer clear, up-to-date guidance aligned with IRDAI requirements. Get precise support to efficiently secure an insurance repository license.
  • End-to-End Documentation and Filing Support: All corporate, technical, financial, and management documents are prepared with accuracy. From drafting MoA to business plans and financial projections, every detail is handled to meet IRDAI compliance standards.
  • Seamless Liaison with Regulatory Authorities: A dedicated liaison manages all interactions with IRDAI, ensures timely responses to queries, and reduces delays through proactive communication and issue resolution.
  • Time-Saving and Transparent Process: The registration process is streamlined to reduce timelines. Clear updates on progress, compliance requirements, and costs ensure complete visibility at every step.

Why Choose RegisterKaro for the Insurance Repository License Application?

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