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ARTICLE · 16 APRIL 2024

AKP Banking & Finance Digest- April 08, 2024

AK & Partners
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Starting April 01, 2024, it's mandatory for insurance policies to be held in electronic form, similar to how shares are held in a demat account. The Insurance Regulatory and Development...

IndiaFinance and Banking
Anuroop Omkar
Anuroop Omkar

1. Regulatory Updates

1.1. India

1.1.1. RBI Transition to electronic insurance, IRDAI mandates digital policies from April 01, 2024

Starting April 01, 2024, it's mandatory for insurance policies to be held in electronic form, similar to how shares are held in a demat account. The Insurance Regulatory and Development Authority of India ("IRDAI") issued regulations on March 20, 2024, requiring insurers to have a board-approved policy for electronic insurance issuance. Regardless of how the proposal is received, insurers must issue policies electronically, subject to IRDAI's exemptions. E-insurance involves obtaining policies digitally, stored in an e-Insurance Account (eIA), which can manage various types of insurance policies. Four insurance repositories—CAMS Insurance Repository, Karvy, NSDL Database Management (NDML), and Central Insurance Repository of India—facilitate the opening of e-Insurance accounts. Currently, there are no specific guidelines from

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