The Insurance Regulatory and Development Authority of India (IRDAI) on March 21, 2024, issued the Insurance Regulatory and Development Authority of India (Bima Sugam - Insurance Electronic Marketplace) Regulations, 2024.
The following has been stated:
• Duties and Responsibilities:
Insurers shall endeavor to facilitate the availability of their insurance products for sale and necessarily provide all services related to an insurance policy including settlement of insurance claims, and grievance redressal in the Marketplace on an ongoing basis.
• Security, Privacy and Participation:
The design of the Marketplace shall inter alia include the following:
o Appropriate security mechanism, up-to-date latest technology and privacy standards which will ensure open and fair access, and confidentiality by adopting best practices to address current and future security requirements.
o Participation in the Marketplace shall be subject to complying with the requirements and security protocols laid down by the Company.
This notification will come into force from March 21, 2024.
[Notification No IRDAI/Reg/5/199/2024]
