{
  "node_id": "india-irdai-insurance-regulatory-authority-2024",
  "title": "India IRDAI (Bima Sugam - Insurance Electronic Marketplace) Regulations, 2024 and the Bima Trinity Initiatives (Bima Vistaar, Bima Sugam, Bima Vahak)",
  "domain": "Insurance & Risk",
  "version": "2.0.0",
  "last_updated": "2026-06-29",
  "bluf": "The Insurance Regulatory and Development Authority of India (IRDAI) is pursuing the 'Bima Trinity' policy initiative: Bima Vistaar (an affordable bundled cover), Bima Sugam (a unified digital insurance marketplace) and Bima Vahak (a women-centric distribution network). The legal instrument establishing the digital marketplace is the IRDAI (Bima Sugam - Insurance Electronic Marketplace) Regulations, 2024 (Notification F. No. IRDAI/Reg/5/199/2024, dated 20 March 2024, in force 21 March 2024). There is no 'IRDAI Circular No. IRDAI/REG/CIR/2024/01' with a 'Clause 4.3' or 'Regulation 12A'; those references were not verifiable and have been removed. The foreign direct investment (FDI) limit in Indian insurance companies was 74 percent (raised from 49 percent in 2021), not 100 percent in 2024; any move to a higher cap is a separate legislative matter and was not enacted by these Regulations.",
  "paywall": {
    "status": "LOCKED",
    "unlock_cost_usd": "0.01",
    "skyfire_id": "41779894-ece2-4163-9761-b3b1b76e19b0"
  },
  "crosswalks": {
    "_available_keys": [
      "nist_framework",
      "iso_standard",
      "industry_mapping",
      "ai_overlay_2026"
    ],
    "_note": "Full crosswalk values included in vault response"
  },
  "dependencies": [
    "australia-apra-gps-220-risk-management-general-insurers",
    "canada-osfi-e19-own-risk-solvency-2023",
    "china-cbirc-c-ross-ii-solvency-2022",
    "eu-delegated-regulation-2016-467-non-life-premium-risk",
    "eu-eiopa-guidelines-orsa-2015"
  ],
  "primary_citations_count": 5
}