Current Context: On 1 September 2026, the Insurance Regulatory and Development Authority of India (IRDAI) released a consultation paper proposing the creation of a Public Insurance Registry (PIR) as a Digital Public Infrastructure for India’s insurance sector.
- The proposed registry will create an interoperable information layer connecting insurers,intermediaries, reinsurers, financial institutions, government agencies and policyholders, with the aim of improving transparency, policy servicing, underwriting and claims management.
- Public Insurance Registry (PIR): It is proposed as a Digital Public Infrastructure (DPI) for the insurance sector.
- Architecture: PIR will follow a federated data architecture. Data will largely remain with the institutions that originally hold it instead of being stored in one centralised database.
- Policyholder Benefits: Customers could view insurance policies held across different insurers, including coverage, policy status, premium payments, claims, benefits and nominee details, and make common service requests.
- Data Coverage: The registry could facilitate access to information relating to insurance products, policies, claims history, grievances and intermediaries, along with consent-based external data such as credit, weather and health information.
- Benefits for Insurers: Insurers could use verified and anonymised industry data to improve underwriting, risk pricing, claims management and fraud/risk assessment.
- Governance: IRDAI has proposed converting the Insurance Information Bureau of India (IIB) into a not-for-profit company wholly owned by IRDAI, which would establish the PIR under a separate regulatory framework.
- Data Protection: The framework would need to comply with laws including the Digital Personal Data Protection Act, 2023, Aadhaar Act, 2016 and Information Technology Act, 2000.
- Implementation: IRDAI has proposed a phased implementation, depending on data availability, privacy safeguards, legal requirements and technological readiness.
- Feedback Deadline: Stakeholders have been invited to submit comments on the proposal by 30 September 2026.
- Significance: PIR is intended to reduce information gaps across the insurance industry, improve customer experience, facilitate informed product comparison and purchases, strengthen regulatory supervision and support greater insurance penetration.
Question:
Q1. Which regulatory body proposed the creation of a Public Insurance Registry (PIR) for India’s insurance sector in September 2026?a) Reserve Bank of India
b) Securities and Exchange Board of India
c) Insurance Regulatory and Development Authority of India
d) Pension Fund Regulatory and Development Authority
Answer: c) IRDAI proposed the Public Insurance Registry through a consultation paper released on 1 September 2026.
