IRDAI (Bima Sugam - Insurance Electronic Marketplace) Regulations, 2024
AI / PRIVACY / CYBER RELEVANCE
Sets the governance base for India's national insurance DPI, where consent-based data sharing, KYC data pulls and future analytics or AI underwriting will operate.
AI: ModeratePrivacy: HighCybersecurity: High
READ FIRST
- Regulation 3 - definitions including Data Provider and Insurance Stakeholders
- Regulation 5 - functions including consent-based architecture and processing data in accordance with applicable laws
- Regulation 9 (Chapter IV) - security, privacy and participation
- Regulation 4 - governance of the marketplace company
PURVIEW
Establishes Bima Sugam as a Digital Public Infrastructure and one-stop electronic marketplace for insurers, intermediaries, agents and consumers to purchase, sell and service policies, settle claims and redress grievances. It provides for a not-for-profit company to run the marketplace, defines Data Providers (UIDAI, DigiLocker, Parivahan, CKYCRR, CBDT and similar), and requires the marketplace to implement a consent-based architecture, provide role-based access, and store, share and process data only in accordance with applicable laws. Chapter IV (Regulation 9) requires appropriate security mechanisms, up-to-date technology and standards ensuring confidentiality and fair access, with participation conditional on security protocols. The Regulations do not themselves create a data-protection code; the consent architecture and data flows must be read with the DPDP Act and Rules, and use of Aadhaar-linked data with the Aadhaar framework.
Classification and legal status. Binding IRDAI regulations, F. No. IRDAI/Reg/5/199/2024, in force on publication in the Official Gazette.