IRDAI asks insurers to maintain claims, policy records in electronic format

Insurance regulator intends to support electronic maintenance of policy and claims records

The Insurance Regulatory and Development Authority of India (IRDAI) has said that insurers can maintain both insurance policies and claim records in electronic format.

In its draft norms on maintaining insurance records, IRDAI said that it intends to support the electronic maintenance of policy and claims records.

While the insurers have been maintaining the register of the policies and claims in compliance with the provisions of the Insurance Act, 1938, the amendments to the Insurance Act have facilitated maintenance of the same in electronic form also. 

The regulator has said that while these records are maintained in an electronic manner, it is important that issues like accessibility, security, archival, disaster recovery and business continuity are addressed in a comprehensive manner.

And, to effectively ensure the same, a board approved policy dealing with all similar issues should be devised and implemented.