Insurance Repository Registration Services
Secure Your Insurance Repository Account
Easily register your company as an IRDAI-approved Insurance Repository with Tax Pal Solutions. Centralize all insurance policies digitally for secure access, efficient management, and expert guidance throughout the registration process.
Why Choose Our Services
- Centralized Policy Management – Manage all insurance policies from a single platform.
- Quick Access & Updates – Update policy details and track status effortlessly.
- Transparent Claim Handling – Facilitate faster and reliable claim processing.
- Data Protection – Safeguard sensitive records from loss or damage.
- Expert Guidance – Receive professional support for every step of registration.
Overview of Insurance Repository in India
An Insurance Repository is an entity approved by IRDAI to maintain policies in electronic format. This system provides policyholders with a secure, centralized, and standardized platform to access, track, and manage all their insurance policies.
Key Objectives:
- Eliminate physical documents.
- Consolidate all policies into a single e-Insurance Account (eIA).
- Facilitate easy access, updates, and nominations.
- Enhance transparency and operational efficiency.
- Reduce insurance fraud.
- Promote wider insurance adoption and financial inclusion.
Leading Repositories in India: Central Insurance Repository Limited, National Insurance Repository, Karvy Insurance Repository Limited, CDSL Insurance Repository Limited.
Core Functions vs. Prohibited Activities
| Category | Core Functions | Prohibited Activities |
|---|---|---|
| Policy Storage | Stores insurance policies digitally | Cannot store non-IRDAI policies |
| Account Management | Creates and maintains e-Insurance Accounts (eIA) | Cannot operate without IRDAI approval |
| Policyholder Services | Enables updates, nominations, and address changes | Cannot provide advice beyond licensed scope |
| Claims Support | Supports claim communication and intimation | Cannot approve claims directly |
| Data Security | Protects sensitive data via encryption and access control | Cannot share data without consent |
| Regulatory Compliance | Follows IRDAI rules, audits, and reporting | Cannot act as insurer or underwriter |
| Technology Interface | Provides user-friendly digital platform | Cannot host non-compliant apps or tools |
| Communication Channel | Sends updates, renewal reminders | Cannot influence policyholder’s insurer selection |
Eligibility to Become an Insurance Repository
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Corporate Requirements:
- Public Limited Company, Public Financial Institution, SEBI-registered depository subsidiary, or company promoted by Life/General Insurance Council.
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Financial Thresholds:
- Minimum paid-up capital: ₹5 Crore
- Net worth after in-principle approval: ₹25 Crore
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Ownership & Investment:
- FDI allowed up to 74% in intermediaries
- No conflict of interest with insurers
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Company Name:
- Must include “Insurance Repository” in the company name
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Memorandum of Association (MOA):
- Clearly specify insurance repository as the primary objective
Insurance Repository Registration Process
Phase 1 – Preparation: Feasibility study, infrastructure planning, understanding IRDAI requirements.
Phase 2 – Application: Submit application with detailed documents, pay non-refundable fee (₹10,000).
Phase 3 – IRDAI Scrutiny: Review, management interviews, and in-principle approval.
Phase 4 – Post-Approval Setup: Affidavit submission, registration fee (₹1,00,000), infrastructure setup, systems audit.
Phase 5 – Final Verification: On-site inspection and certificate of registration.
Documentation Checklist
| Document Name | Purpose | Remarks |
|---|---|---|
| Certificate of Incorporation | Company registration proof | Must be a Public Limited Company |
| MOA & AOA | Verify primary objective | Must include Insurance Repository |
| Net Worth Certificate | Compliance with ₹5 Cr minimum net worth | CA certified |
| Audited Financial Statements | Financial health verification | Last 3 years |
| Business Plan & Financial Projections | Assess viability of operations | Includes capital, staffing, tech |
| Directors & Key Personnel Details | Verify qualifications and experience | Include PAN, ID proofs |
| Fit & Proper Declaration | Confirm clean legal and financial record | Per IRDAI criteria |
| Technology Architecture Overview | Assess IT and data security readiness | Include cybersecurity plan |
| Data Management Policy | Protect policyholder information | Comply with IRDAI guidelines |
| Board Resolution | Authorize IRDAI application | Signed and dated |
| Application Form | Official IRDAI submission format | Completed and signed |
Operational & Compliance Imperatives
- Robust SOPs & Controls – Clear guidelines for policy management and data handling.
- Secure Technology – Data centers, encryption, scalable IT systems.
- Approved Person Network – Trained personnel for eIA services.
- Governance & Compliance – Internal audits, compliance officer oversight.
- Cybersecurity – Threat protection, regular audits, incident response plans.
- Business Continuity – Backup and disaster recovery mechanisms.
- Audit & Inspection – System and statutory audits, IRDAI inspections.
- Regulatory Reporting – Periodic and annual filings with IRDAI and ROC.
Cost of Insurance Repository Registration
| Fee Type | Description | Amount (₹) |
|---|---|---|
| Application Fee | Non-refundable, during application | 10,000 |
| Registration Fee | After in-principle approval | 1,00,000 |
| Net Worth Requirement | Minimum net worth to maintain | 25,00,00,000 (25 Cr) |
| Annual Maintenance Charges | Compliance and operational oversight | 1,00,000 – 5,00,000 |
| Legal & Documentation Costs | Legal, business plan, and filing | 1,00,000 – 2,00,000 |
| Technology Infrastructure Investment | Secure IT systems setup | 50,00,000 – 2,00,00,000 |
Certification
