Due Dates
GSTR-1 (Monthly): 11th of every monthGSTR-3B (Monthly): 20th of every monthITR Filing (Individuals): 31st July 2026AOC-4 (ROC Annual Filing): 30th October 2026MGT-7 (ROC Annual Return): 29th November 2026
Your Professionals LogoYour Professionals
Home
BlogsAbout UsContact Us
Talk to Experts: +91-7011936958

Insurance Repository Registration

Any entity intending to maintain insurance policies in electronic format must obtain prior approval and registration as an Insurance Repository from the IRDAI (Insurance Regulatory and Development Authority of India).

✓Eliminate Physical Documents
✓Single View of Policies
✓Ease of Access and Service
✓Enhance Efficiency and Transparency
✓Reduce Frauds

Get Free Consultation

Overview of Insurance Repository in India

Any entity intending to maintain insurance policies in electronic format must obtain prior approval and registration as an Insurance Repository from the IRDAI (Insurance Regulatory and Development Authority of India). This mandate ensures the secure, standardized, and regulated management of electronic insurance policies, which enhances transparency and access for policyholders.

At Your Professionals, we simplify the rigorous insurance repository registration process, ensuring your entity smoothly navigates IRDAIs requirements to become a licensed insurance repository in India.

Eliminate Physical Documents: Remove the need for physical paper insurance policy documents, reducing storage hassle and the risk of loss or damage.
Single View of Policies
Ease of Access and Service: Provide easy, anytime, anywhere access to policy details and facilitate quick changes, modifications, nominations, and premium payments.
Enhance Efficiency and Transparency: Streamline policy servicing, reduce turnaround times for various requests, and bring greater transparency to the insurance ecosystem.
Reduce Frauds: Minimize instances of fraudulent claims or misrepresentation by maintaining a centralized, verified database of policies.
Boost Financial Inclusion: Encourage more people to buy insurance by simplifying the ownership and management process.
Requirements

Eligibility Criteria

1

APublic Limited Company.

2

A Public Financial Institution as defined in the Companies Act.

3

A subsidiary of a SEBI-registered depository (e.g., NSDL or CDSL, explaining why we have National Insurance Repository and CDSL Insurance Repository Limited).

4

A company promoted by the Life Insurance Council or the General Insurance Council, or both.

5

Any other entity as specifically permitted by IRDAI.

6

Minimum Paid-up Share Capital:The applicant company must have a minimum paid-up share capital of Rs. 5 Crore (Rupees Five Crore).

7

Minimum Net Worth:On receiving "in-principle" approval from IRDAI, the applicants net worth must be at least Rs. 25 Crore. This demonstrates the financial capacity to establish and maintain robust infrastructure and operations.

8

No Foreign Direct Investment (FDI):As per current IRDAI guidelines, foreign investment is allowed up to 74% in insurance intermediaries.

9

No Conflict of Interest:Neither the applicant nor its promoters should have any conflict of interest with the insurance business. This ensures neutrality and prevents potential biases.

Paperwork

Documents Required

✓Certificate of Incorporation — Proof of company registration under the Companies Act — Must be a Public Limited Company
✓Memorandum & Articles of Association (MOA & AOA) — To verify the main objective of maintaining insurance policies electronically — MOA must include an insurance repository as a main object
✓Net Worth Certificate from a Chartered Accountant — Demonstrates compliance with ₹5 crore minimum net worth requirement — Must be signed and stamped by a Chartered Accountant
✓Audited Financial Statements (Last 3 Years) — For financial health and background verification — Required if the company is older than 3 years
✓Business Plan & Financial Projections (Next 3-5 Years) — To assess the viability and sustainability of repository operations — Should include capital, infra, staffing, tech, risk management, etc.
✓Details of Directors and Key Managerial Personnel — To evaluate qualifications and experience — Include PAN, DIN, resumes, ID proofs, and address proofs
✓Fit & Proper Declaration for Promoters/Directors — Confirms clean legal, financial, and regulatory record — As per IRDAI fit and proper criteria
✓Infrastructure & Technology Architecture Overview — For assessment of IT systems and data security readiness — Include server details, cybersecurity plan, and backup measures
✓Data Management and Security Policy — Ensures data privacy and protection of policyholder information — Must comply with IRDAI cybersecurity guidelines
✓Organization Chart & Staffing Plan — To show operational capacity — Include HR structure, roles, and responsibilities
✓Board Resolution Authorizing Application — Legal authorization from the company board to apply for an IR license — Duly signed and dated
✓Details of Proposed Repository Operations — Explains the scope and method of functioning — Must cover digital repository flow, services to insurers, etc.
✓Copy of PAN & GST Registration — Mandatory statutory registrations — Self-attested copies
✓Declaration of No Conflict of Interest — Confirms the company’s independence from insurance sales or underwriting — Signed by authorized signatory
✓Application Form (Prescribed by IRDAI) — Official application format as per IRDAI guidelines — Fully completed and signed
Step by Step

Registration Process

1

Phase 1: Invitation & Preparation (Pre-Application)

This initial phase focuses on preparing your organization and understanding the market and regulatory landscape before formally applying. IRDAIs Call for Proposals:IRDAI typically initiates the process by issuing a "Request for Proposals" (RFP) or an invitation for applications for insurance repository registration. This signals their intent to license new entities; the issuance is highly selectiv

2

Phase 2: The Formal Application

In this phase, you formally apply to IRDAI with a comprehensive proposal and supporting documentation. Application Form Submission:Prepare and submit the formal application in the prescribed format to IRDAI. This application must be exhaustive, covering all aspects of the proposed insurance repository operations. Processing Fee:Accompany the application with a non-refundable processing fee, typica

3

Phase 3: IRDAI Scrutiny and In-Principle Approval

IRDAI carefully reviews your application and validates your organization’s capability to operate as a repository. Thorough Review:IRDAI undertakes a rigorous scrutiny of the submitted application and documents. They may ask for clarifications, additional information, or revisions. This is where the depth of your preparation for insurance repository registration becomes critical. Management Interac

4

Phase 4: Post-Approval Formalities

After receiving in-principle approval, you must finalize the legal and operational setup to meet IRDAI’s stringent standards. Affidavit Submission:Within 15 days of receiving in-principle approval, the applicant must submit an affidavit to IRDAI, confirming their commitment to adhere to all regulatory requirements. Registration Fee:Pay the registration fee to IRDAI, typically Rs. 1,00,000.

5

Phase 5: Final Verification and Certification

The last phase involves on-site inspections and official certification by IRDAI to commence operations. Physical Inspection:IRDAI conducts a physical verification and inspection of the applicants infrastructure facilities, data centers, security measures, and operational setup. Final Approval & Certificate of Registration:If all conditions are met and IRDAI is satisfied with the readiness, they gr

Pricing

Fees & Charges

Fee ComponentAmount
Application Fee (Non-refundable)Rs. 10,000
Registration Fee (One-time, if approved)Rs. 1,00,000
Net Worth RequirementRs. 25,00,00,000 (Rs. 25 Cr)
Annual Maintenance ChargesRs. 1,00,000 – Rs. 5,00,000
Legal and Documentation CostsRs. 1,00,000 – Rs. 2,00,000
Technology Infrastructure InvestmentRs. 50,00,000 – Rs. 2,00,00,000 (variable)
Benefits

Key Advantages

Expert Support

Dedicated professional support from Your Professionals

Common Questions

Frequently Asked Questions

An Insurance Repository license is valid for three years from the date of issuance of the Certificate of Registration. To continue operations, the licensed entity must apply for renewal at least 60 days before the expiry of the current license, along with the prescribed renewal fee (typically Rs. 50,000).
Our Commitment

Why Choose Us?

Expert Professionals Team

Qualified Chartered Accountants and Company Secretaries handle your filing.

Fast Processing

Quick turnaround with dedicated support at every step.

Transparent Pricing

No hidden charges. Know exactly what you pay for.

100% Data Security

Your documents and data are encrypted and confidential.

Trusted by Thousands

Thousands of businesses registered successfully.

24/7 Support

Dedicated relationship manager and customer support.