Insurance Repository in India

Last updated

The Insurance Repository in India is a database of insurance policies. It allows policy holders to make revisions to a policy. It launched on 16 September 2013. It is the world's first of its kind. [1] [2]

India's Insurance Regulatory and Development Authority originally issued licenses to five entities to act as Insurance Repositories; [3] however, SHCIL Projects Limited surrendered its Insurance Repository license in September 2015. The remaining four are:

All such entities must contain the words "Insurance Repository" in their names.

Related Research Articles

Business Organization undertaking commercial, industrial, or professional activity

Business is the activity of making one's living or making money by producing or buying and selling products. Simply put, it is "any activity or enterprise entered into for profit."

Stockbroker Professional who buys and sells shares for others

A stockbroker, share holderregistered representative, trading representative, or more broadly, an investment broker, investment adviser, financial adviser, wealth manager, or investment professional is a regulated broker, broker-dealer, or registered investment adviser who may provide financial advisory and investment management services and execute transactions such as the purchase or sale of stocks and other investments to financial market participants in return for a commission, markup, or fee, which could be based on a flat rate, percentage of assets, or hourly rate. The term also refers to financial companies, offering such services.

ANZ Bank New Zealand

ANZ Bank New Zealand Limited, New Zealand's largest financial-services group, operates as a subsidiary of Australia and New Zealand Banking Group Limited of Australia. Until 2012, ANZ operated in New Zealand under the legal entity ANZ National Bank Limited, which was formed as part of the 2012 merger of ANZ Banking Group Limited and the National Bank of New Zealand Limited. From 2012, the company was renamed ANZ Bank New Zealand as part of the merger of ANZ and the National Bank brands. It provides a number of financial services, including banking services, asset finance, investments and payment "solutions".

ICICI Bank Indian private sector bank

ICICI Bank Limited is an Indian multinational banking and financial services company with its registered office in Vadodara, Gujarat and corporate office in Mumbai, Maharashtra. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialised subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management. The bank has a network of 5,275 branches and 15,589 ATMs across India and has a presence in 17 countries.

Property management is the operation, control, maintenance, and oversight of real estate and physical property. This can include residential, commercial, and land real estate. Management indicates the need of real estate to be cared for and monitored, with accountability for and attention its useful life and condition considered. This is much akin to the role of management in any business.

An insurance broker is an intermediary who sells, solicits, or negotiates insurance on behalf of a client for compensation. An insurance broker is distinct from an insurance agent in that a broker typically acts on behalf of a client by negotiating with multiple insurers, while an agent represents one or more specific insurers under a contract.

A financial adviser or financial advisor is a professional who provides financial services to clients based on their financial situation. In many countries, financial advisors must complete specific training and be registered with a regulatory body in order to provide advice.

Insurance in India refers to the market for insurance in India which covers both the public and private sector organisations. It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central Government only.

Financial inclusion is defined as the availability and equality of opportunities to access financial services. It refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and services. These include banking, loan, equity, and insurance products. Financial inclusion efforts typically target those who are unbanked and underbanked, and directs sustainable financial services to them. Financial inclusion is understood to go beyond merely opening a bank account. It is possible for banked individuals to be excluded from financial services. Having more inclusive financial systems has been linked to stronger and more sustainable economic growth and development and thus achieving financial inclusion has become a priority for many countries across the globe.

Ministry of Road Transport and Highways Government ministry in India

The Ministry of Road Transport and Highways is a ministry of the Government of India, that is the apex body for formulation and administration of the rules, regulations and laws relating to road transport, transport research and in also to increase the mobility and efficiency of the road transport system in India. Through its officers of Central Engineering Services (Roads) cadre it is responsible for the development of National Highways of the country. Road transport is a critical infrastructure for economic development of the country. It influences the pace, structure and pattern of development. In India, roads are used to transport over 60 percent of the total goods and 85 percent of the passenger traffic. Hence, development of this sector is of paramount importance for India and accounts for a significant part in the budget.

Telenor India Indian telecommunication company

Telenor (India) Communications Private Limited, formerly known as Uninor, was an Indian mobile network operator. The company was a wholly owned subsidiary of Norwegian telecommunications company Telenor Group. In February 2017, Telenor Group announced merging the India business with Bharti Airtel in a no-cash deal with liability of Airtel to take over the outstanding spectrum payments of Rs 1,650 crore post necessary regulatory approvals.

Ministry of Communications and Information Technology (Egypt)

The Egyptian Ministry of Communications and Information Technology (MCIT) is the government body responsible for information and communications technology (ICT) issues in the Arab Republic of Egypt. Established in 1999, MCIT is responsible for the planning, implementation and operation of government ICT plans and strategies. MCIT is led by the Minister of Communications and Information Technology, who is nominated by the Prime Minister and is a member of the cabinet. The current ICT Minister is Amr Talaat who assumed the position on 14 June 2018. MCIT is headquartered in Smart Village Egypt, in 6th of October, Giza Governorate, in the Cairo metropolitan area.

Religare Enterprises Limited (REL) is the holding company for one of India's leading diversified financial services groups, headquartered in New Delhi, India. It offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to Small and Medium Enterprises (SME)'s, affordable housing finance, as well as retail broking and health insurance. REL is listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India.

Insurance Regulatory and Development Authority

The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.

HDFC Life Indian life insurance company

HDFC Life Limited is a long-term life insurance provider with its headquarters in Mumbai, offering individual and group insurance services.

National Association of Registered Agents and Brokers Reform Act of 2013

The National Association of Registered Agents and Brokers Reform Act of 2013 is a bill that was introduced into the United States House of Representatives during the 113th United States Congress. The bill ultimately failed to be enacted.

Computer Age Management Services

Computer Age Management Services Limited (CAMS) is a Mutual Fund Transfer Agency to the Indian Asset Management Companies with a share of ~ 70% of the assets under management (AuM). The company was incorporated in year 1988. Company listed w.e.f 1st October, 2020, subsequent to an initial public offering through OFS by the existing shareholders. Present share-holding-31% – Warburg Pincus, a leading Global Private Equity Firm,~45% – Institutional shareholders, Mutual funds, AlFs and FIPs and Remaining is held by Public .CAMS is headquartered in Chennai, India.

Angel Broking is an Indian stockbroker firm established in 1987. The company is a member of the Bombay Stock Exchange, National Stock Exchange of India, National Commodity & Derivatives Exchange Limited and Multi Commodity Exchange of India Limited. It is a depository participant with Central Depository Services Limited (CDSL). The company has more than 8500 sub-brokers and franchisee outlets in more than 900 cities across India.

Insurance Act, 1938

The Insurance Act, 1938 is a law originally passed in 1938 in British India to regulate the insurance sector. It provides the broad legal framework within which the industry operates.

Acko General Insurance Insurance company in India

Acko General Insurance is a private sector general insurance company in India. Founded in November 2016, the company received its license from the Insurance Regulatory and Development Authority of India (IRDAI) in September 2017. Acko follows an online-led model and hence all operations for the company are offered through the digital platform.

References

  1. PTI (September 16, 2013). "Chidambaram launches insurance repository system". The Hindu. Retrieved 16 September 2013.
  2. IANS (16 September 2013). "Digitise insurance policies, says Chidambaram". IBM LIVE. Retrieved 16 September 2013.
  3. List of Insurance Repositories - IRDA
  4. CDSL Insurance Repository Limited (CDSL IR)
  5. Karvy Insurance Repository Limited
  6. National Insurance-policy Repository
  7. CAMS Insurance Repository Services Limited