Indian Regulator IRDAI Proposes Public Insurance Registry

India's insurance regulator, the Insurance Regulatory and Development Authority of India (IRDAI), has put forth a proposal for a Public Insurance Registry (PIR) in a recent consultation paper. This initiative, envisioned as a Digital Public Infrastructure (DPI), seeks to make insurance policies more portable, claims processing faster, and the insurance market more transparent.

The PIR is intended to function as a shared data registry, potentially operated by the Insurance Information Bureau (IIB), which IRDAI plans to convert into a not-for-profit entity. The proposed registry could enable features such as a unified Insurance Risk Score for underwriting, automated updates for deceased individuals' records, and facilitated data sharing with law enforcement for asset tracking or with health ministries for disease outbreak analysis.

The regulator outlines that the PIR aims to address several issues across the insurance ecosystem. For the public, it could simplify policy comparisons and reduce reliance on intermediaries. For government agencies, it promises improved visibility into insurance coverage and structured data for policy-making. For regulators, it offers a consolidated view of market conduct and customer outcomes.

The consultation paper, titled “Recalibrating Economics of Insurance Distribution,” is open for public comments until September 30, 2026. IRDAI believes that the PIR will reduce data silos, improve interoperability, and foster innovation within the insurance sector, including the responsible use of AI and advanced analytics.