Hyderabad, Sept. 16 (ANI): Union Finance Minister P. Chidambaram on Monday said digitization of insurance policies should be mandatory as it would aid policy holders to keep the policies in electronic form and undertake modifications and revisions.
Speaking at the inauguration of the insurance repository system of Insurance Regulatory and Development Authority (IRDA), Chidambaram asked the insurance regulator to fix a timeframe for mandatory digitization.
"Eventually, I think all policies should be digitized. And all policies, life and non-life should be on a repository," Chidambaram said.
The repository will issue an exclusive code number to all policyholders, which will ensure that their policies would come under that number.
The Congress-led UPA government has not only taken several steps to modernize the insurance sector, but has also worked on a revised insurance law which is expected to raise the cap to 49 percent from 26 percent in insurance, and therefore pensions.
However, the revised insurance law is in the pipeline as it has been oppose to by opposition parties. (ANI)