IRDA advises insurers on electronic forms of data

IRDA has announced policies on electronic forms of data of insurance companies. It has stipulated every insurer should inform IRDA within 90 days from the date of notification of these regulations, file with the Authority, their board approved policy on maintenance and storage of such records in electronic forms. The insurer has also to inform of any changes in board approved policies on these matters. It has also advised safety of data, it said, the records including those held in electronic mode, pertaining to all the policies issued and all claims made in India shall be held in data centres located and maintained in India.