The Insurance Regulatory and Development Authority ( “IRDAI”) has issued a circular on 8th December, 2020 which deals with the Maintenance of records under IRDAI (Minimum Information Required for
Investigation and Inspection) Regulations 2020 (“Regulations”). The Regulations, allow maintenance of records either in physical form or electronic form. This Circular encourages all the Insurers, intermediaries and Insurance intermediaries to maintain records in electronic mode so as to ensure cost effectiveness and, easy access to the records by the authority at the time of Inspection or investigation.
It is directed to all the insurers, intermediaries and insurance intermediaries to take necessary and effective steps, to ensure digitization of physical records in a phased manner so as to convert them into electronic format within 23rd May, 2021 and indicate the timeline required for the same within the next 15 days for your company.
Source : Insurance Regulatory and Development Authority
