The Insurance Regulatory and Development Authority of India (IRDAI) issued draft regulations on Bima Sugam, which is a one-stop online insurance marketplace.
Banking & Finance
The Insurance Regulatory and Development Authority of India (IRDAI) issued draft regulations on Bima Sugam, which is a one-stop online insurance marketplace. The one-stop solution is slated to facilitate a range of services related to insurance policies -- from purchase, sale, servicing and settlement of claims to grievance redressal. Bima Sugam, which is part of the Bima trinity, seeks to empower and protect the interest of policyholders. The other branches are Bima Vistaar and Bima Vahak. Bima Sugam shall be a one-stop solution for all Insurance stakeholder’s vis-a-vis customers, insurers, intermediaries or insurance intermediaries and insurance agents to promote transparency, efficiency, collaboration across the entire insurance value chain, technological innovation in the insurance sector.
The Insurance Regulatory and Development Authority of India is a statutory body under the jurisdiction of Ministry of Finance, Government of India and is tasked with regulating and licensing the insurance and re-insurance industries in India.
Insurance Regulatory and Development Authority (IRDAI)
Founded- 1999; HQ- Hyderabad
Chairperson- Debasish Panda
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