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IRDAI approves establishment of insurance e-marketplace Bima Sugam, embarks on significant regulatory reform

The Insurance Regulatory and Development Authority of India (IRDAI) has approved the establishment of the Bima Sugam insurance e-marketplace for various insurance services. This marketplace aims to bring transparency, efficiency, and collaboration among stakeholders in the insurance industry.

According to the IRDAI, the Bima Sugam – Insurance Electronic Marketplace Regulations, 2024, will create a digital public infrastructure to democratize insurance and protect policyholders’ interests. The goal is to achieve ‘Insurance for all by 2047’ through this initiative.

The IRDAI has replaced 34 regulations with six consolidated regulations and introduced two new regulations to streamline the regulatory framework for the insurance sector. These regulations cover areas like policyholder protection, rural and social sector responsibilities, electronic insurance marketplace, and operation of foreign reinsurance branches.

In addition, the IRDAI has revamped the regulations concerning rural and social sector obligations, consolidating them into the IRDAI (Rural, Social Sector, and Motor Third Party Obligations) Regulations, 2024. The measurement of statutory obligations has been revised, with a focus on ensuring compliance and accountability, particularly in rural areas using Gram Panchayat as a unit of measurement.

IANS

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