IRDAI (Bima Sugam – Insurance Electronic Marketplace)

IRDAI (Bima Sugam – Insurance Electronic Marketplace) Regulations, 2024

A Digital Public Infrastructure called “Bima Sugam – Insurance Electronic Marketplace” is proposed to be established to empower and protect the interest of policyholders, to increase penetration of insurance in India and to enhance availability, accessibility and affordability.

Bima Sugam shall be a one stop solution for all Insurance stakeholder’s visa-vis customers, insurers, intermediaries or insurance intermediaries and insurance agents to promote transparency, efficiency, collaboration across the entire insurance value chain, technological innovation in insurance sector,
universalize and democratize insurance and to achieve the vision of “Insurance for all by 2047”.

Regulatory framework for establishment, governance, functioning of the Bima Sugam – Insurance Electronic Marketplace with following is proposed to be laid down:-

a) Not for profit company shall be formed as per Sec 8 of Companies Act, 2013.
b) The company shall establish, facilitate, develop, operate and maintain the Marketplace for providing various services to the insurance stakeholders.
c) Shareholding of the company widely held amongst life, general and health insurers and no single entity having controlling stake. Shareholders shall contribute to capital as and when required.
d) IRDAI would nominate two members on the Board of Company.
e) Board to constitute a Risk Management Committee to mitigate various risks.
f) Prior approval of Authority for appointment of Chairperson & CEO of the Company.
g) Consent based architecture for the services.
h) Consumers shall not be charged for availing services of Bima Sugam.

The draft Insurance Regulatory and Development Authority of India (Bima Sugam-Insurance Electronic Marketplace) Regulations, 2024 is prepared and annexed herewith (Annexure-A)

All the stakeholders are requested to forward their comments / suggestions, if any, on the proposed regulations in the attached format (Annexure- B) on or before 5:00 PM on 4th March, 2024 to [email protected] with a copy to [email protected].

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