IRDAI kick starts consultation for Public Insurance Registry
The IRDAI has proposed a Public Insurance Registry (PIR) to create a centralized, digital infrastructure for insurance records in India. The initiative aims to improve transparency, reduce documentation, and facilitate easier product discovery for consumers.
Why it matters
This represents a significant digital transformation in the financial sector, aiming to increase insurance penetration and consumer trust.
The Insurance Regulatory and Development Authority of India (IRDAI) on Tuesday released a consultation paper on the proposed Public Insurance Registry (PIR), describing it as a population-scale, interoperable and non-exclusionary digital public infrastructure (DPI).
The objectives of the PIR are to facilitate growth and inclusion, building trust and transparency, and promoting affordability and financial sustainability. It is significant step towards building a more connected, transparent, efficient and resilient insurance ecosystem, with trusted information serving as a foundation for better protection, innovation and public value, the regulator said.
The proposal, is in line with the objectives of the Sabka Bima Sabki Raksha Act, 2025, draws inspiration from the success and lessons from DPIs in other sectors of Indian economy. It is intended to enable technology, governance and market participation to work together towards wider and deeper financial resilience.
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