IRDAI issued IRDAI (Bima Sugam - Insurance Electronic Marketplace) Regulations, 20241 to enable the functioning of the 'Bima Sugam - Insurance Electronic Marketplace' and the company formed for this purpose. These regulations offer a one stop shop for insurance consumers, insurers, intermediaries/insurance intermediaries and agents. "Bima Sugam - Insurance Electronic Marketplace," is a resilient Digital Public Infrastructure built on open standards and interoperable platforms. Its primary objective is to facilitate seamless integration with various services, including but not limited to the purchase, sale, and servicing of insurance policies, settlement of insurance claims, grievance redressal, and other related matters, as permitted by IRDAI. The regulations provide the regulatory framework for establishment, governance and functioning of the marketplace.
Footnote
1 Notification dated March 20, 2024. F. No. IRDAI/Reg/5/199/ 2024.
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