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The Insurance Regulatory and Development Authority of India (Irdai) on Tuesday said Bima Sugam—Insurance Electronic Marketplace formed under the Companies Act, 2013—will be a not-for-profit entity.
As per the Insurance Regulatory and Development Authority of India (Bima Sugam – Insurance Electronic Marketplace) Regulations, 2024, consumers shall not be charged for availing services of Bima Sugam.
The company will be operative and accessible at all times and will not store or hold any data, with the board of the company also having a policy on a revenue model which is self-sustainable.
The company will also have two nominees from the Irdai on its Board, apart from having the company’s own chairman and CEO, who will be appointed with the consultation of the Irdai.
The shareholding of the company will be widely held amongst Life insurers, General Insurers, and Health insurers, with no single entity having a controlling stake. The shareholders, as and when required, will contribute to the capital requirement of the Company.
According to the regulator, Bima Sugam will be a one-stop solution for all insurance stakeholders vis-à-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, universalize and democratize insurance, and to achieve the vision of “Insurance for all by 2047”, said the Irdai.
