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

IRDAI has issued an exposure draft for IRDAI (Bima Sugam – Insurance Electronic Marketplace) Regulations, 2024. Regulatory framework for establishment, governance, functioning of the Bima Sugam – Insurance Electronic Marketplace with following is proposed to be laid down:-

1. Not for profit company shall be formed as per Sec 8 of Companies Act, 2013.
2. The company shall establish, facilitate, develop, operate and maintain the Marketplace for providing various services to the insurance stakeholders.
3. 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.
4. IRDAI would nominate two members on the Board of Company.
5. Board to constitute a Risk Management Committee to mitigate various risks.
6. Prior approval of Authority for appointment of Chairperson & CEO of the Company.
7. Consent based architecture for the services.
8. Consumers shall not be charged for availing services of Bima Sugam.

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 sageena@irdai.gov.in with a copy to keshav@irdai.gov.in.