Context: The Insurance Regulatory and Development Authority of India (IRDAI) has proposed a Public Insurance Registry (PIR) to improve data sharing in the insurance sector.
Public Insurance Registry (PIR)
- Proposed consent-driven digital infrastructure to integrate insurance data across the policy lifecycle (issuance to claims & grievance redressal)
- Aims to reduce information asymmetry, enable interoperable data sharing, and improve fraud detection & regulatory oversight; To be linked with Bima Sugam platform.
About IRDAI
- Statutory body under IRDA Act, 1999. Autonomous regulator under Ministry of Finance. Headquarters: Hyderabad
- Regulates insurance, reinsurance, and intermediaries. Ensures policyholder protection, fair practices, and financial stability
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