IRDAI – Press Release on Industry stakeholders’ discussion on ‘Public Insurance Registry’ and ‘Bima

The Insurance Regulatory and Development Authority of India (“ IRDAI ”) has issued a press release dated March 17, 2026 on an Industry Stakeholders’ Discussion on Public Insurance Registry (“ PIR ”) and Bima Sugam at the India International Centre, New Delhi (“ Press Release ”).

Key highlights of the Press Release are as follows:

• The meeting was attended by senior leadership from insurance companies and other stakeholders from the insurance ecosystem to deliberate on the vision, design, and implementation roadmap of Public Insurance Registry, the digital public insurance infrastructure, aimed at enhancing transparency, consumer protection, and market efficiency in the sector.
• The PIR is envisioned to have the following features:a. It is a consent-driven, legally compliant digital infrastructure. b. It covers the entire policy lifecycle from issuance to claims, grievance redressal to dispute resolution. c. It is a structured, interoperable information infrastructure that will empower consumers by bridging the knowledge gap between different participants and bringing more transparency in the entire insurance value chain.
• The Chairman of IRDAI Shri Ajay Seth, in his keynote address highlighted the broader reform context and importance of strengthening transparency, accountability and trust in the insurance ecosystem.
• The Chairman further emphasized on strategic significance of strengthening governance architecture and enabling data-driven development of the insurance market and stated as follows: ‘The proposed Public Insurance Registry represents an important step towards modernising the information architecture of the insurance sector. By enabling standardised, consent-based access to structured insurance data, the initiative seeks to enhance transparency, strengthen consumer confidence, and support more effective regulatory oversight. This reform is intended to build a more accountable, efficient and data-driven insurance ecosystem that can support sustainable growth in insurance inclusion, as envisaged in ‘Sabka Bima Sabki Raksha’ vision.’
• Further, the Whole time-member of IRDAI Shri Deepak Sood highlighted on the economic and business case of PIR and the value proposition for all stakeholders, also focusing on public good.
• PIR is envisaged to consolidate structured insurance data across stakeholders, reduce information asymmetry, improve fraud detection, and enable data-driven regulatory oversight.
• Further, the meeting deliberated on the key expectations from the insurance sector including compliance readiness, data governance standards, cybersecurity safeguards, and the role of interoperable digital infrastructure in modernizing the insurance ecosystem.
• An open forum enabled industry participants to share feedback and suggest practical approaches for smooth implementation.
• Furthermore, the event featured a dedicated session on Bima Sugam, that included a presentation by the CEO of the Bima Sugam India Federation.
• The session on Bima Sugam provided an overview of the platform’s vision, objectives, and its role in transforming insurance accessibility in India.
• The IRDAI leadership remarked on the way forward and highlighted the importance of industry-wide collaboration to strengthen digital insurance infrastructure.
• The discussion underscored the need for alignment between the PIR and Bima Sugam to enable seamless access to insurance policies, enhance service delivery, and redefine the overall customer experience.

A copy of the Press Release is attached herewith for your ready reference.

Source category: IRDAI

Attachments

• IRDAI Industry Stakeholders  Discussion on Public Insurance Registry and Bima Sugam