- The Insurance Regulatory and Development Authority of India proposed a Public Insurance Registry.
- The registry aims to create a transparent, connected, and efficient insurance ecosystem.
- PIR will act as digital infrastructure to simplify insurance processes and reduce information gaps.
The Insurance Regulatory and Development Authority of India has proposed a public insurance registry to build a more transparent, connected and efficient insurance ecosystem in India.
The proposed registry will work as a digital public infrastructure for the insurance sector. It aims to reduce information gaps and make insurance-related processes simpler for consumers and market participants.
According to Irdai, the PIR could also increase competition among insurers. Better access to trusted information could encourage companies to compete through new products, competitive pricing, improved services and better customer experiences.
As per ANI, the proposal comes as part of the broader objectives of the Sabka Bima Sabki Raksha Act, 2025.
Irdai said the initiative is aimed at strengthening consumer protection, improving market efficiency and expanding insurance coverage across the country.
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How will the Public Insurance Registry work?
Irdai has described the PIR as a population-scale, interoperable and non-exclusionary digital infrastructure. The proposed framework will use technology, governance and market-based mechanisms to support wider financial resilience.
The regulator said the registry will follow a user-centric approach. It is expected to support simpler and more data-driven insurance processes and decision-making.
However, the use cases mentioned in the consultation paper are still at the conceptual stage. Irdai said detailed functional and technical specifications will be developed as the project moves towards implementation.
Irdai Seeks Public Feedback
The regulator has invited comments and suggestions from stakeholders and the public on the proposed framework.
The consultation covers several areas, including PIR objectives, potential use cases, data architecture, technical standards, privacy, consent safeguards, confidentiality and governance.
Irdai is also seeking views on the proposed implementation and transition plans. The regulator said appropriate safeguards will be needed to ensure that greater use of data does not compromise consumer privacy or confidentiality.
If implemented, the PIR could become an important part of India's insurance infrastructure by improving access to trusted information while supporting innovation and wider insurance coverage.
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