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ARTICLE · 07 SEPTEMBER 2024

Framework For Establishment, Governance And Functioning Of The Bima Sugam - Insurance Electronic Marketplace

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IRDAI issued IRDAI (Bima Sugam - Insurance Electronic Marketplace) Regulations, 202424 to enable the functioning of the ‘Bima Sugam - Insurance Electronic Marketplace' and the company formed for this purpose.

IndiaInsurance
Sidharrth Shankar
Sidharrth Shankar
Varun Sriram
Varun Sriram
Dhruv Malhotra
Dhruv Malhotra
Abhik Sriram Kunduri
Abhik Sriram Kunduri
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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.

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