IRDAI unveils plan for Public Insurance Registry
The Insurance Regulatory and Development Authority of India (IRDAI) has proposed a Public Insurance Registry (PIR), a digital public infrastructure aimed at creating a more connected and efficient insurance ecosystem. The regulator released a consultation paper on September 1, outlining a framework that it says will reduce information gaps and foster greater competition among insurers.
The proposal aligns with the objectives of the Sabka Bima Sabki Raksha Act, 2025, according to the IRDAI. The regulator said the registry is intended to strengthen consumer protection, improve market efficiency, and expand insurance coverage, while supporting the next phase of insurance-sector reforms.
"The proposed PIR represents a 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 noted, adding that the framework draws on lessons from digital public infrastructure developed in other sectors of the Indian economy.
What the registry would do
The PIR is envisioned as a population-scale digital public infrastructure, as reported by Livemint. Subject to consent and other safeguards, the platform could bring together standardized information from across the insurance ecosystem and serve insurers, policyholders, financial institutions, reinsurers, government agencies, and researchers.
Indian insurers had 3.35 billion policies on their books in fiscal year 2025 (FY25), across 74 insurers, according to IRDAI's annual report for FY25, as cited by Livemint.
The registry goes beyond a central database of policies, being envisaged as a common information layer that could support underwriting, claims, lending, supervision, and consumer services.
The consultation paper envisages a consent-based, consolidated view of all policies held by an individual across insurers, including coverage, policy status, benefits, premiums, renewal dates, claims history, and nominee details. This could help customers identify unclaimed amounts, track renewals, and make common service requests across insurers, rather than approaching each company separately.
As of 28 February, ₹8,973.89 crore in unclaimed insurance funds was lying with insurers, according to information shared by the government in Parliament in March, as noted by Livemint.
The paper also proposes easier health insurance portability and a common digital backbone for filing and tracking grievances across insurers and public grievance platforms.
For insurers, the PIR could create a common pool of anonymised information on losses, claims, and risk concentrations, helping them identify emerging trends and improve underwriting and pricing.
Industry perspectives
An insurance company CEO said the recommended changes will open a lot of doors since insurance does not have the kind of data banks do about their customers, as reported by Livemint. Earlier reports have suggested the PIR could become India's CIBIL-like system for insurance, according to Livemint, and IRDAI chairman Ajay Seth had wanted every policy traced to the agent or salesperson who sold it.
The consultation paper seeks stakeholder views on data architecture, identity frameworks, data standards, privacy and consent safeguards, commercial confidentiality, and governance, as reported by Moneycontrol. Insurers had earlier flagged concerns over data ownership, access, consent, and cybersecurity, according to Moneycontrol's reporting.
IRDAI said the PIR is not merely a data repository but is envisaged as an innovation platform and strategic national infrastructure. It could help insurers identify protection gaps and improve product design, underwriting, pricing, claims, and customer service, while reducing operating and regulatory-reporting friction.
Next steps
The consultation paper is open for comments until 30 September, as reported by Livemint. The regulator has not yet specified a timeline for finalising the framework or implementing the registry.