To join NIR, as an insurance company you will have to adhere to the process requirements as well as with operations requirements

• Agreement: NIR and the Insurance Company have to sign an agreement containing the rights and responsibilities of both the parties.
• Assign a Single Point of Contact (SPOC): SPOC contact details of Insurance Company to whom IR will communicate. The Following details of the SPOC will be required- Insurance Company name, Contact Name, email id, landline number, mobile number, Fax number and contact address
• Proposal Form: The Insurance Company will have to create a provision in the proposal form for eIA number. When an individual who already has an eIA number approaches the Insurance Company for a new policy, the Insurance Company need not carry out the KYC. It can use the eIA number provided by the individual as the KYC is done by NIR.
• Insurance Company- Approved Person Communication: When Insurance Company receives a policy request along with a request to open an eIA; the eIA opening request can also be forwarded to an Approved Person. NIR will facilitate the Insurance company so that the process is smooth and without any hindrances.
• Training: The Insurance Company has to provide training of the complete repository activities to its staff who will be working on the NIR project. NIR will assist the Insurance Companies in the training and will send a manual for the same.

• Crediting policy to the eIA of the Individual: The owner of the information relating to the policy details will be the insurance Company. The policy that is displayed to the eIA holder will consist of three parts viz:
  • Product Registration
  • File upload – Insured details
  • File upload – Images
• Communications: NIR will be sending the welcome kit alongwith the login ID and password to the eIA holder. Also policy credit alerts will be sent to the individual via SMS and email. Change updates shall also be sent via SMS and email to the individual. A physical copy of annual statement containing the details of all the policies present in a single eIA will also be sent to the eIA holder by the NIR.
• Changes in the policy details: In case there are any change to the policy details the same needs to be uploaded to the eIA of the individual using the IPIN number. For this the same data structure and xml will be used. The Insurance Company can upload the file with updated details to the account.
• Reconciliation: A reconciliation of the entire process has to be done between the Insurance Company and NIR on a quarterly basis.