Maintenance of records under IRDAI (Minimum Information Required for Investigation and Inspection) Regulations 2020

Last updated: 10 December 2020

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The IRDAI has introduced new regulations for record keeping, effective from 23rd May 2021. While records can be kept in physical or electronic format, insurers and intermediaries are strongly encouraged to adopt electronic record-keeping for cost-effectiveness and easier access during inspections. Companies are advised to digitise physical records in phases and must indicate their required timeline for this transition within 15 days.

CIRCULAR

Ref. IRDAI/INSP/CIR/293/12/2020

Dt. 08th December 2020

All insurers, Intermediaries and Insurance Intermediaries.

Re: Maintenance of records under IRDAI (Minimum Information Required for Investigation and Inspection) Regulations 2020.

1. The Authority has notified IRDAI (Minimum Information Required for Investigation and Inspection) Regulations 2020 in the official gazette on 23rd November 2020. These regulations will come into force after 6 months from the date of notification i.e., from 23rd May 2021.

2. Though these Regulations allow maintenance of records either in physical form or in electronic form, the insurers, intermediaries and insurance intermediaries are encouraged to maintain the records in electronic format so as to ensure cost effectiveness; and accessibility of these records for investigation and inspection by the /authority. Therefore, it is advised that necessary steps may be taken by the insurers, intermediaries and insurance intermediaries to ensure digitization of physical records in a phased manner so as to convert them into electronic format within pre-fixed timelines. You are requested to indicate, within the next 15 days, the timeline needed for your company.

(J. Meenakumari)

CGM (Inspections)

FAQ :

These regulations come into force on 23rd May 2021.

Records can be maintained in either physical or electronic form.

Insurers, intermediaries, and insurance intermediaries are encouraged to maintain records in electronic format for cost-effectiveness and accessibility.

They are advised to take necessary steps to digitise physical records in a phased manner and convert them into electronic format within pre-fixed timelines.

Companies are requested to indicate the timeline needed for their company within the next 15 days.

Notification No : IRDAI/INSP/CIR/293/12/2020
Source : https://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4303&flag=1

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