"During the pilot launch, each life insurer shall convert a minimum of 1000 or 5% of the existing individual policies (issued in hard form and currently in force) whichever is less for each of the Insurance Repositories (IRs) into electronic form," Irda said in statement.
This shall be, however, subject to a minimum of 250 policies per IR, it said. The pilot launch will be for duration of 2 months with effect from July 1 and it would be mandatory for all the life insurers and the 'Insurance Repositories' to participate in the pilot launch.
During the pilot launch, it said, an insurer will not deny any request for electronic policyboth for conversion of existing policies and for issuance of new policies from any of the policyholders.
The Insurance Repository system unless otherwise specified as a part of these guidelines would be completely in accordance with IR guidelines and any other relevant existing regulatory framework of the Authority and other relevant legal provisions, it said.
For the purpose of KYC compliance, the IRs would be governed by the AML guidelines circular prevailing from time to time, it said.