Introduction
Registration in India is a highly specialised regulatory approval governed by IRDAI, enabling entities to maintain insurance policies in electronic (dematerialised) form. With increasing digitisation
What is Insurance Repository Registration
This page provides comprehensive information about Insurance Repository Registration in India including regulatory framework, eligibility criteria, documentation requirements, and step-by-step process.
Regulatory Framework
This service falls under the regulatory jurisdiction of IRDAI. Compliance with all applicable regulations is mandatory.
Who Needs This Service
Businesses and individuals who require Insurance Repository Registration in India include entities operating in the regulated financial services sector.
Eligibility Criteria
Eligibility requirements are defined by the relevant regulatory authority. Key criteria include entity type, capital requirements, and fit & proper standards for directors/promoters.
Documents Required
- Certificate of Incorporation
- Memorandum and Articles of Association
- Net Worth Certificate (CA certified)
- Business Plan
- KYC documents for Directors
- Board Resolution
Registration Process
Step 1
Preparation & Documentation
Gather all required documents and ensure eligibility criteria are met.
Step 2
Application Filing
Submit the complete application to the regulatory authority with supporting documents.
Step 3
Regulatory Review
The regulatory authority reviews the application and may seek clarifications.
Step 4
Approval & Compliance Setup
Upon approval, set up compliance framework and begin operations.
Fees Structure
| Particulars | Amount | Remarks |
|---|
| Regulatory Application Fee | As prescribed | Non-refundable |
| Professional/Advisory Fees | Variable | Depends on scope |
| Compliance Setup Cost | Variable | One-time |
Timeline
| Stage | Estimated Time | Notes |
|---|
| Document Preparation | 2–4 weeks | Depends on complexity |
| Regulatory Review | 3–6 months | Case-by-case |
| Approval | 1–2 months | After compliance confirmation |
Compliance Requirements
Post-registration compliance is critical to maintain the license/registration in good standing.
- Regular filings and returns
- Governance and board oversight
- Annual audit and reporting
- KYC/AML compliance
- Customer grievance redressal
Frequently Asked Questions (FAQs)
What is Insurance Repository Registration in India?▼
It is an IRDAI approval to operate as an entity that maintains insurance policies in electronic form through e-Insurance Accounts (eIA).
What is an Insurance Repository?▼
An Insurance Repository is a regulated entity that stores and manages insurance policies digitally in a secure and centralised system.
Who regulates Insurance Repositories in India?▼
Insurance Regulatory and Development Authority of India (IRDAI) governs and regulates repositories.
Is Insurance Repository Registration mandatory?▼
Yes, operating a repository without IRDAI approval is not permitted.
What is the purpose of Insurance Repositories?▼
To digitise insurance policies and provide secure, centralised access to policyholders.
What services do repositories provide?▼
Key services include: • Policy storage • Policy updates • Account management
Do repositories sell insurance policies?▼
No, they only store and manage policies; they do not sell or advise.
Is Insurance Repository similar to NSDL/CDSL?▼
Conceptually yes, but repositories deal with insurance policies instead of securities.
Can repositories handle insurance claims?▼
No, claim settlement remains the responsibility of insurers.
What type of entity can become a repository?▼
Only companies incorporated in India can apply.
Is this license suitable for startups?▼
Yes, if they meet IRDAI eligibility and technical requirements.
What is policy dematerialisation?▼
It is the process of converting physical insurance policies into digital form.
Is repository data legally valid?▼
Yes, electronic records maintained are legally recognised.
What is the core function of repository?▼
Secure storage and servicing of insurance policy data. ### Section 2: Eligibility & Applicability (19–36)
Who can apply for Insurance Repository Registration?▼
Companies meeting IRDAI eligibility criteria including capital, governance, and infrastructure.
What is the minimum net worth required?▼
As per IRDAI guidelines, applicants must maintain prescribed net worth at all times.
Can LLP apply for repository license?▼
No, only companies incorporated under Companies Act are eligible.
Is foreign ownership allowed?▼
Yes, subject to FDI norms and IRDAI approval.
What is fit and proper criteria?▼
Promoters and directors must have: • Clean record • Financial integrity • No regulatory violations
Can existing fintech companies apply?▼
Yes, if they align their structure and meet regulatory conditions.
Is prior insurance experience required?▼
Not mandatory but beneficial for approval.
Can insurers apply for repository license?▼
Only if permitted under IRDAI regulations.
Is there a restriction on business activities?▼
Yes, repository must focus only on permitted activities.
Can a company hold multiple licenses?▼
Yes, subject to regulatory approval and compliance separation.
Is IT infrastructure mandatory?▼
Yes, strong and secure IT systems are essential.