Union Finance Minister P. Chidambaram is expected to inaugurate the Insurance Regulatory and Development Authority’s (IRDA) insurance repositories here on September 16.
According to a note by the IRDA, the insurance repository system to be set up by the regulator will be the first of its kind in the world.
The insurance regulator recently said insurers could enter into agreements with one or more repositories.
According to IRDA, the objective of creating an insurance repository is to provide policyholders a facility to keep insurance policies in electronic form.