• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

IRDAI Approves Setting Up Insurance E-Marketplace Bima Sugam, Goes For Big Regulatory Revamp

OMMCOM NEWS by OMMCOM NEWS
March 23, 2024
in Business
insurance policy

New Delhi: The Insurance Regulatory and Development Authority of India (IRDAI) has given its approval for the setting up of insurance e-marketplace Bima Sugam for buying, selling, and servicing insurance policies as well as settling claims.

“This marketplace will serve as a one-stop solution for all insurance stakeholders, including customers, insurers, intermediaries, and agents, thereby, promoting transparency, efficiency, and collaboration across the entire insurance value chain,” according to an IRDAI statement.

The IRDAI said: “The Bima Sugam – Insurance Electronic Marketplace Regulations, 2024, aims to establish a digital public infrastructure named Bima Sugam towards universalisation and democratisation of insurance as well as empowering and safeguarding policyholders’ interests and achieve the vision of ‘Insurance for all by 2047.’

IRDAI said that it has approved eight principle-based consolidated regulations, following the comprehensive review of regulatory framework for insurance sector. It marks a significant milestone in regulatory governance which has replaced 34 regulations with six regulations, and introduction of two new regulations enhancing clarity and coherence in the regulatory landscape, according to the IRDAI statement.

These regulations encompass pivotal domains such as safeguarding of policyholders’ interests, rural and social sector responsibilities, electronic insurance marketplace, insurance products and operation of foreign reinsurance branches, as well as aspects of registration, actuarial, finance, investment and corporate governance, the statement added.

Focusing on rural sector, the IRDAI (Rural, Social Sector, and Motor Third Party Obligations) Regulations, 2024 consolidate two erstwhile regulations pertaining to minimum business obligations in rural, social sector and motor third party business for insurers. Compliance and measurement of these statutory obligations have been revised where the unit of measurement under the rural obligations will now be Gram Panchayat.

(IANS)

Tags: Insurance
ShareTweetSendSharePinShareSend
Previous Post

Amazon India’s Revised Seller Fee Next Month May Up Prices For Certain Products

Next Post

BJP’s CEC Meeting Likely To Finalise Lok Sabha Candidates From Odisha Today

Related Posts

Business

India’s Manufacturing Sector Clocks 11.89 Pc GVA Growth In FY24, Job Growth At 5.4 Pc

August 27, 2025
Business

India Steps Up Drive To Push Exports In 40 Top Countries Amid US Tariff Turmoil

August 27, 2025
Business

Consumer Sentiment In India Resilient Amid US Tariff Jitters: Report

August 27, 2025
Business

State-Run Firms Pay Big Dividends; Coal India, PFC Lead The Pack

August 27, 2025
Economy
Business

Trump Tariffs A Shock Therapy India Needs To Break Free Of Dependence: Economists

August 27, 2025
Business

Trump Tariffs Likely To Result In US GDP Go Down By 40-50 Bps: Report

August 27, 2025
Next Post

BJP’s CEC Meeting Likely To Finalise Lok Sabha Candidates From Odisha Today

Sunita Kejriwal

Sunita Kejriwal Reads Out Delhi CM Arvind Kejriwal’s Message From Jail

Hina Khan

Hina Khan Says It's Crucial To Take Care Of Your Skin At Young Age

khimji
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.