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IRDAI Floats Draft Regulations For Insurance Electronic Marketplace Bima Sugam

Inc42 · 1y ago

IRDAI Floats Draft Regulations For Insurance Electronic Marketplace Bima Sugam

The Insurance Regulatory and Development Authority of India (IRDAI) has issued draft regulations for Bima Sugam, a digital public infrastructure that aims to promote transparency, collaboration, and technological innovation in the insurance sector. Bima Sugam will be a not-for-profit company and its shareholding will be widely held among insurers, with no single entity having a controlling stake. The deadline for comments on the proposed norms is March 4. The platform seeks to empower policyholders, increase insurance penetration, and enhance availability, accessibility, and affordability.

Related News

IRDAI clears the decks for Galaxy Health Insurance, rolls out revised regulations for industry, policyholders

Money Control

Money Control · 1y ago

IRDAI clears the decks for Galaxy Health Insurance, rolls out revised regulations for industry, policyholders

The Insurance Regulatory and Development Authority of India (IRDAI) has approved the registration of Galaxy Health and Allied Insurance as a standalone health insurer. Galaxy Health will be the seventh company of its kind in India. The IRDAI also approved a set of new and revised regulations, including changes to product regulations, policyholder protection, and the establishment of Bima Sugam, an electronic insurance marketplace. Detailed circulars with the specific changes will be released by the IRDAI in the future.

IRDAI Approves Creation Of Insurance Marketplace Bima Sugam

Inc42 · 1y ago

IRDAI Approves Creation Of Insurance Marketplace Bima Sugam

The Insurance Regulatory and Development Authority of India (IRDAI) has approved the establishment of the online insurance marketplace, Bima Sugam. The marketplace aims to improve insurance penetration and make insurance products more accessible and affordable. It will serve as a one-stop platform for buying, servicing, and settling insurance claims. The marketplace will promote transparency, efficiency, and collaboration across the insurance value chain. India's overall insurance penetration reduced to 4% in FY23, down from 4.2% in FY22, highlighting the need for initiatives like Bima Sugam. The development is expected to boost the Indian insurtech industry and support new-age insurance players.

SBI Life picks up 10% stake in Bima Sugam India Federation | Company Business News

Livemint

Livemint · 8m ago

SBI Life picks up 10% stake in Bima Sugam India Federation | Company Business News

SBI Life's board has approved acquiring a 10% stake in Bima Sugam India Federation for ₹6.6 crore. Bima Sugam, an unlisted company founded in June 2024, aims to establish a centralized marketplace for insurance products and services. The board has agreed to an investment that will not exceed 10% of Bima Sugam's paid-up equity share capital, contingent upon a corresponding increase in the company's authorized share capital, according to SBI Life's regulatory filing.

Private funding in India's insurtech sector set to cross $1 billion in the next 12 months: Report

IndianStartupNews

IndianStartupNews · 1m ago

Private funding in India's insurtech sector set to cross $1 billion in the next 12 months: Report

A report by The Digital Fifth and Perfios projects India's insurtech private funding to exceed $1 billion in the next year. The report outlines a transformative shift in the insurance sector with digital channels gaining traction. Key shifts include tech investments, digital transformation, and increased automation in life insurance onboarding and retail non-life claims. The sector faces structural challenges like low insurance penetration, but initiatives like NHCX and Bima Sugam aim to drive innovation and modernisation.

Efforts on to make health insurance more affordable, says IRDAI chief

Money Control

Money Control · 10m ago

Efforts on to make health insurance more affordable, says IRDAI chief

The Insurance Regulatory and Development Authority of India (IRDAI) is monitoring the recent increases in health insurance premiums and urges stakeholders to find a solution. The regulator emphasized the need for collaboration between health insurers and hospitals to address this issue. He also mentioned that price rationalization will occur as the health insurance customer base widens and efforts are being made to make the product more affordable. Furthermore, the regulator encouraged more insurance companies, industrial houses, and conglomerates to enter the insurance sector in India. Lastly, the implementation of the Bima Trinity is in its advanced stages.

Irdai proposes to amend regulatory sandbox norms

YourStory

YourStory · 9m ago

Irdai proposes to amend regulatory sandbox norms

The Insurance Regulatory and Development Authority of India (Irdai) has proposed amendments to the regulatory sandbox regulations to facilitate the adoption of innovative ideas and new concepts in the insurance industry. The amendments aim to move towards a principle-based approach instead of a rule-based approach and encourage the introduction of innovative ideas across the insurance value chain. Irdai has invited public comments on the proposed amendments until November 25th.

IRDAI raises concern over Hinduja Group-led IIHL bid for Reliance Capital

Livemint

Livemint · 1y ago

IRDAI raises concern over Hinduja Group-led IIHL bid for Reliance Capital

The Insurance Regulatory and Development Authority of India (IRDAI) has raised concerns about IIHL's ₹9,650 crore resolution plan to acquire bankrupt Reliance Capital. IRDAI stated that the plan does not comply with insurance regulations and expressed worries over the exceeding limit of Foreign Direct Investment (FDI) in the company. The regulator requested details of IIHL shareholders and sought clarifications on the capital infusion and debt raised by IIHL. IRDAI emphasized the need to protect policyholders and questioned the permissibility of 100% FDI in the transaction. The National Company Law Tribunal had approved IIHL's resolution plan in February.

Govt To Rope In Brokers To Spur Crop Insurance Penetration

Inc42 · 1y ago

Govt To Rope In Brokers To Spur Crop Insurance Penetration

The Ministry of Agriculture and Farmers Welfare is aiming to boost crop loan adoption among farmers by utilizing the 12 lakh point-of-sales staff employed by insurance brokers. A meeting was conducted last week by the Centre with stakeholders in the insurance industry to discuss a draft service level agreement for including brokers in the scheme. Companies like PhonePe, Paytm, and InsuranceDekho, which already possess a broker license according to the IRDAI, could potentially participate in the program.

IRDAI's higher surrender value proposal may again find stiff resistance from life insurers

Money Control

Money Control · 1y ago

IRDAI's higher surrender value proposal may again find stiff resistance from life insurers

The Insurance Regulatory and Development Authority of India (IRDAI) has proposed new rules that would offer higher surrender values (payouts on early exits) to policyholders. Currently, policyholders who decide to surrender their policy after paying the first premium forfeit the entire amount. Under the proposed rules, policyholders would be entitled to a special surrender value (SSV) from the first year. Life insurance companies are pushing back on the draft rules, arguing that the long-term nature of life insurance products should be preserved and that there are alternative remedies for policyholders with grievances.

Policybazaar to venture into reinsurance sector with upgraded licence

Inc42 · 1y ago

Policybazaar to venture into reinsurance sector with upgraded licence

PB Fintech's subsidiary, Policybazaar Insurance Brokers, has received in-principle approval from the insurance regulator to upgrade its licence, enabling it to enter the reinsurance sector in India. The approval will allow the company to deepen insurance penetration by bringing technological innovation into reinsurance capacity. This move comes after IRDAI amended reinsurance regulations to create a more favorable business environment and attract more reinsurers to operate in India. PB Fintech reported a profit in Q3 FY24, driven by growth in insurance premiums and improved margins.

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