IRDAI has issued a Circular bearing Ref. No. IRDAI/INT/GDL/MISC/87/7/2025 on Revised Guidelines on Insurance Repositories and Electronic Issuance of Insurance Policies (“Circular”). The key amendment to the Guidelines is provided in the table below:
| Guidelines | Earlier Clause in the Guidelines | Revised Clause of the Guidelines | Modification in the Guidelines |
|---|---|---|---|
| Revised Guidelines on Insurance Repositories and Electronic Issuance of Insurance Policies. | A review of the controls, systems, procedures and safeguards put in place by the insurance repository stated in Clause 14, shall be carried out, at least once a year, by an external system audit firm approved by the Authority. The fees of the external audit firm shall be borne by the insurance repository. | A review of the controls, systems, procedures and safeguards put in place by the insurance repository as outlined in Clause 14 shall be conducted at least once a year, at their own cost, by an external auditor who is either a Certified Information System Auditor (CISA), a Chartered Accountant with DISA (ICAI) qualification, or a CERT-IN certified expert. | The insurance repositories are now required to conduct an annual audit of their systems, controls, and procedures (as per Clause 14) at their own cost through an external auditor who is either a Certified Information System Auditor (CISA), a Chartered Accountant with DISA (ICAI) qualification, or a CERT-IN certified expert. |
Source category: IRDAI
Attachments
- IRDAI Amendment to Clause 15(a) of Revised Guidelines on Insurance Repositories and Electronic Issuance of Insurance Policies
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