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IRDAI Consultation Paper Proposes Public Insurance Registry
IRDAI releases a consultation paper proposing a Public Insurance Registry (PIR) using a Digital Public Infrastructure-style framework for insurance information exchange. The proposal specifies design principles, a governance model, and stakeholder-facing features, including restructuring the Insurance Information Bureau (IIB) for PIR governance.
Public Insurance Registry Proposal:
| Dimension | Key Details |
|---|---|
| Problem statement | Insurance information remains not accessible at a single point, resulting in frictions such as repeated KYC for each insurer or policy, claims history not being easily available, difficulty in switching providers due to limited verified information, and product comparison depending largely on salesperson narratives. |
| Referenced DPI approach | Key features comprise interoperability across providers without forcing uniformity, minimalist building blocks, and a federated architecture where data stays where it is collected rather than being centralised. |
| Design principles | The PIR provides for minimalist building blocks and a federated architecture with source-system primacy, where data remains where it is collected and is not centralised. |
| Registry function | The PIR authorises a common information layer that lets participants discover, verify, and exchange insurance information consistently. |
| Partial foundations cited | Sabka Bima Sabki Raksha Act gives IRDAI a statutory anchor for insurance digitisation, the Digital Personal Data Protection Act provides data privacy safeguards, and Bima Sugam boosts accessibility. |
| Governance proposal (IIB) | The paper provides for restructuring the Insurance Information Bureau (IIB) into a not-for-profit firm wholly owned by IRDAI. |
| Governance features highlighted | The governance model comprises independent execution, institutional neutrality, and rotating industry representation on the board. |
| Rollout approach | A phased rollout has been proposed. |
| Policyholder features | Policyholders get a consolidated view of every policy across life, health, motor, and property, with nominees, renewals, claims, and unclaimed benefits visible in one place, and portability becoming practical. |
| Insurer features | Insurers get verified policy and claims history, better fraud control through access to consolidated records, and standardised reporting that reduces compliance costs. |
| Reinsurers and IRDAI features | Reinsurers and IRDAI get aggregate exposure data for catastrophe preparedness and stronger regulatory oversight through consolidated information. |
| Banks and government features | Banks and government get verified coverage data supporting better credit decisions and more targeted welfare delivery. |