What India IRDAI (Bima Sugam - Insurance Electronic Marketplace) Regulations, 2024 and the Bima Trinity Initiatives (Bima Vistaar, Bima Sugam, Bima Vahak) requires
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.
Pillar: Insurance & Risk · Authority: Insurance Regulatory and Development Authority of India (IRDAI) · Version: 2.0.0 · Last updated:
Primary source: https://irdai.gov.in/document-detail?documentId=4583640
SHA-256 integrity: 69808a0161b5dcf09520efdce5400e6d46de491307c50c86d1f5d53508bede6e
Primary Citations — 5 traced to source
- 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) - https://irdai.gov.in/document-detail?documentId=4583640
- Insurance Regulatory and Development Authority of India - Bima Trinity policy initiatives (Bima Vistaar, Bima Sugam, Bima Vahak) - https://irdai.gov.in/
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