Computer Age Management Services announced that Insurance Regulatory and Development Authority of India (IRDAI) has notified the Insurance Regulatory and Development Authority of India (Protection of
Policyholders' Interests and Allied Matters of Insurers) Regulations, 2024 which has mandated the issuance of insurance policies by insurance companies in electronic form with effect from 1 April 2024.
CAMS Insurance Repository Services, (CAMSREP) one of the wholly owned subsidiaries of the company is an IRDAI registered Insurance Repository and is facilitating the issuance of policies in the electronic mode.
CAMSREP incorporated in the year 2011 is presently the second largest repository in the country with 60 lakhs (sixty lakhs) e Insurance accounts (eIA) and 72lac (seventy-two lakhs) electronic policies maintained in its repository. CAMSREP is engaged with 45 + insurers both life and non-life insurers for their electronic policy issuance. The company is also in the
process of establishing Bima Central platform as an industry solution to facilitate policyholder transaction from a single platform.