Amendment to guideline 34A of Guidelines of Insurance Repositories and

• ~I~ \tmilq m fclf.lq1¥1¥ afh- f.rcf;m lllfuiti{OI •••• INSURANCE REGULATORY AND ir.lai DEVELOPMENT AUTHORITY OF INDIA Circular IRDA/INT/CIR/INSRE/034/02/2018 20th Feb 2018. Re: Amendment to guideline 34A of Guidelines of Insurance Repositories and electronic issuance of insurance policies dt. 29th May 2015 Reference is drawn to the revised Guidelines of Insurance Repositories and electronic issuance ' of insurance policies dt. 29th May 2015. As per guideline No.34 A - other services, the IRs are authorised to undertake services which are in addition to creation/maintenahce of electronic policies. The list/scope of these services are as given in the 'Guidelines on Outsourcing of activities by lnsuQ nces Companies' dated 1st February, 2011. Guideline 8(5) of the outsourcing guidelines of 1st February, 2011 states that subject to these b uidelines, Agents, Corporate Agents, Brokers, TPA's and Surveyors and other regulated entities shall not be contracted to perform any outsourced activity other than those permitted by the f'espective regulations/instructions governing their licensing and functioning. ..,..: C' Now with the outsourcing guidelines being superseded by IRDA (Outsourcing of Activities by lndia'n Insurers) Regulations, 2017, there is a ,disconnect between the IR guidelines and th~ butsourcing regulations. The IR guidelines c;traw reference to the outsourcing guidelines which do not exist as they have been superseded. f tierefore: in lirie of the above the Authority amends para No.34A of the Guidelines of lns·u'r~ilc@ Repositories and electronic issuance of insurance policies dt. 29th May 2015 by replacing tH~ , ords 'Guidelines on Outsourcing of Activities by Insurance Companies' by Insurance regulate~ and Development Authority of India (Outsourcing of Activities by Indian Insurers) Regulations, ~'017. ~ f . ' ' . V ~ff. 115/1 , ~~. 111i:fi<:1ii1s1, ~-500 032, 'lfffif Survey No. 115/1 , Financial District, Nanakramguda, Hyderabad-500 032, India 6) : t91-40-2020 4000,~ : +91-40-2020 4555 6) : +91-40-2020 4000, Fax : +91-40-2020 4555 /_ ~ : www.irdai.gov.in Website : www.irdai.gov.in