The Insurance Regulatory and Development Authority of India (IRDAI) on February 13, 2024, issued the Draft IRDAI (Bima Sugam - Insurance Electronic Marketplace) Regulations, 2024.
The following has been stated namely: -
• Bima Sugam shall be a one-stop solution for all Insurance stakeholders to promote transparency, efficiency, collaboration across the entire insurance value chain, technological innovation in the insurance sector, universalize and democratize insurance, and achieve the vision of “Insurance for all by 2047”.
• The following is proposed namely: -
a) A Not-for-profit company shall be formed as per Sec 8 of the 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 is widely held amongst life, general, and health insurers and no single entity having a controlling stake. Shareholders shall contribute to capital as and when required.
d) IRDAI would nominate two members to the Board of the 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
• Comments/suggestions, if any, on the proposed regulations may be sent in the prescribed format on or before 5:00 PM on March 04, 2024, to [email protected] with a copy to [email protected].
[Notification No. IRDAI/InsurTech/Bimasugam_Regulation/2023-24]
