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The Tax Publishers Insurance Act, 1938--Notification Notification No. F.No. IRDAI/REG/5/199/2024, dtd. 20-3-2024 Insurance Regulatory and Development Authority of India (Bima Sugam--Insurance Electronic Marketplace) Regulations, 2024 In exercise of the powers conferred by clause (zd) of sub section (2) of section 114A of the Insurance Act, 1938, and clause (e) of sub-section 2 of section 14 and clause (e) of sub-section 2 of section 26 of the Insurance Regulatory and Development Authority Act, 1999, the Authority, in consultation with the Insurance Advisory Committee, hereby issues the following Regulations, namely:-- Chapter I *Preliminary* 1. Short title and commencement (a) These Regulations may be called the Insurance Regulatory and Development Authority of India (Bima Sugam - Insurance Electronic Marketplace) Regulations, 2024. (b) These Regulations shall come into force from the date of their publication in the official gazette. 2. Objectives (a) The Authority with the objectives to empower and protect the interest of policyholders, to increase penetration of insurance in India and to enhance accessibility, issues the IRDAI (Bima Sugam - Insurance Electronic Marketplace) Regulations 2024 for allowing establishment of a Digital Public Infrastructure called Bima Sugam - Insurance Electronic Marketplace. This shall be a one stop solution for all Insurance stakeholders such as consumers, insurers, intermediaries or insurance intermediaries and insurance agents to promote transparency, efficiency, collaboration across the entire insurance value chain, technological innovation in insurance sector, universalize and democratize insurance and to achieve the vision of "Insurance for all by 2047". These Regulations specify the regulatory framework for establishment, governance and functioning of the Bima Sugam - Insurance Electronic Marketplace, the Company formed for this purpose and for matters connected therewith and incidental thereto. (b) Broad principles have been laid down in these Regulations to enable the functioning of the Company and the Bima Sugam - Insurance Electronic Marketplace. The Competent Authority may issue guidelines and circulars as the case may be under these Regulations considering the need for effective functioning of the Marketplace. *3.1 Definitions* In these Regulations, unless the context otherwise requires: (a) "Act" means the Insurance Act, 1938 (4 of 1938); (b) "Authority" means the Insurance Regulatory and Development Authority of India established under sub-section (1) of Section 3 of Insurance Regulatory and Development Authority Act, 1999 (41 of 1999); (c) "Company" shall mean the company formed in accordance with Regulation 4(a) of these Regulations; (d) "Consumer" for the purpose of these regulations shall mean prospect, policyholder, insured, nominee, beneficiary, claimant, in relation to an insurance policy; (e) "Competent Authority" means: (i) Chairperson, or SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Insurance Act, 1938--Notification

Notification No. F.No. IRDAI/REG/5/199/2024, dtd. 20-3-2024

Insurance Regulatory and Development Authority of India (Bima Sugam--Insurance Electronic Marketplace) Regulations, 2024

In exercise of the powers conferred by clause (zd) of sub section (2) of section 114A of the Insurance Act, 1938, and clause (e) of sub-section 2 of section 14 and clause (e) of sub-section 2 of section 26 of the Insurance Regulatory and Development Authority Act, 1999, the Authority, in consultation with the Insurance Advisory Committee, hereby issues the following Regulations, namely:--

Chapter I

Preliminary

1. Short title and commencement

(a) These Regulations may be called the Insurance Regulatory and Development Authority of India (Bima Sugam - Insurance Electronic Marketplace) Regulations, 2024.

(b) These Regulations shall come into force from the date of their publication in the official gazette.

2. Objectives

(a) The Authority with the objectives to empower and protect the interest of policyholders, to increase penetration of insurance in India and to enhance accessibility, issues the IRDAI (Bima Sugam - Insurance Electronic Marketplace) Regulations 2024 for allowing establishment of a Digital Public Infrastructure called Bima Sugam - Insurance Electronic Marketplace. This shall be a one stop solution for all Insurance stakeholders such as consumers, insurers, intermediaries or insurance intermediaries and insurance agents to promote transparency, efficiency, collaboration across the entire insurance value chain, technological innovation in insurance sector, universalize and democratize insurance and to achieve the vision of "Insurance for all by 2047". These Regulations specify the regulatory framework for establishment, governance and functioning of the Bima Sugam - Insurance Electronic Marketplace, the Company formed for this purpose and for matters connected therewith and incidental thereto.

(b) Broad principles have been laid down in these Regulations to enable the functioning of the Company and the Bima Sugam - Insurance Electronic Marketplace. The Competent Authority may issue guidelines and circulars as the case may be under these Regulations considering the need for effective functioning of the Marketplace.

3.1 Definitions

In these Regulations, unless the context otherwise requires:

(a) "Act" means the Insurance Act, 1938 (4 of 1938);

(b) "Authority" means the Insurance Regulatory and Development Authority of India established under sub-section (1) of Section 3 of Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);

(d) "Consumer" for the purpose of these regulations shall mean prospect, policyholder, insured, nominee, beneficiary, claimant, in relation to an insurance policy;

(e) "Competent Authority" means:

(i) Chairperson, or