Sebi is working with other regulators to expand the CAS framework.
Insurance policy document will become digital and paperless like shares in the coming year and the policyholders would be saved from preserving the physical copies of their insurance policies.
LIC is on board after tying up with all five insurance repositories; 1,50,000 e-Insurance Accounts opened across India till date.
While your insurer will help you open an e-insurance account at the time of buying a policy, existing policyholders must do so themselves
For insurance intermediaries like brokers, insurance repositories, third-party administrators, etc, 100 per cent FDI may be permitted.
New Irda rules open the way, with 5 entities getting okay to set up as repositories; firms preparing structures for switch
Just like investors holding dematerialised shares with depository participants, individual insurance policyholders will be able to stack their insurance policies too in electronic form very soon, thanks to some path breaking initiatives by the insurance regulator, Insurance Regulatory Development Authority.
Insurance company will bear the cost of digitising. It will in turn benefit from lower expenses on servicing policies.
Consumers will thank the Modi government for this simple yet revolutionary move, which is long overdue, says Debashis Basu.
Irdai's push will make insurance cheaper for consumers and enable a consolidated view of all policies.
Till June-end alone, insurance regulator is expected to bring about more than half a dozen reforms that will have a significant impact on the customer.
The GST to be implemented from April 1, 2016, will increase the premiums.
It might be a cheaper option, but lack of clarity is choking its growth
The online world is driven by convenience, simplicity and speed.
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