IRDAI on 20th March, 2024 has issued the Insurance Regulatory and Development Authority of India (Bima Sugam – Insurance Electronic Marketplace) Regulations, 2024. The Authority with the objectives to empower and protect the interest of policyholders, to increase penetration of insurance in India and to enhance accessibility, issues the IRDAI (Bima Sugam – Insurance Electronic Marketplace) Regulations 2024 for allowing establishment of a Digital Public Infrastructure called Bima Sugam – Insurance Electronic Marketplace. This shall be a one stop solution for all Insurance stakeholders such as consumers, 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”.
These Regulations specify the regulatory framework for establishment, governance and functioning of the Bima Sugam – Insurance Electronic Marketplace, the Company formed for this purpose and for matters connected therewith and incidental thereto.
Broad principles have been laid down in these Regulations to enable the functioning of the Company and the Bima Sugam – Insurance Electronic Marketplace. The Competent Authority may issue guidelines and circulars as the case may be under these Regulations considering the need for effective functioning of the Marketplace.
