What is a company formed and registered under the Companies Act, 1956 and which has been granted a certificate of registration by Insurance Regulatory and Development called?

Solution (By Examveda Team)

An Insurance Repository (IR) is a company licensed by IRDA for maintaining data of insurance policies in electronic form on behalf of Insurers. An IR will thus enable policy holders to buy and keep insurance policies in electronic form, rather than as a paper document. Insurance Repositories, like Share Depositories or Mutual Fund Transfer Agencies, will hold electronic records of insurance policies issued to individuals and such policies are called “electronic policies” or “e Policies”.