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 To 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

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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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