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Context: IRDAI issued a consultation paper proposing a Public Insurance Registry (PIR) — conceived as Digital Public Infrastructure under the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025.
What It Is
- A population-scale, interoperable and non-exclusionary Digital Public Infrastructure
- Designed as a common information exchange layer
- Allowing authorised participants to discover, verify and share insurance data — without creating a single centralised data warehouse
About
Regulator and anchor: IRDAI
- Implementing body: proposed by transforming the existing Insurance Information Bureau (IIB) into a wholly owned, not-for-profit subsidiary of IRDAI
- Participants: insurers, reinsurers, intermediaries, policyholders, financial institutions, government departments and research institutions
Important Facts for Exams
- PIR — proposed by IRDAI as Digital Public Infrastructure
- Under the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025
- Implementing body: the Insurance Information Bureau (IIB), to become a wholly owned not-for-profit subsidiary of IRDAI
- Federated model — data stays with source institutions; not a central warehouse
- To integrate with vehicle, health, weather, disaster and court databases
- IRDAI — established under the IRDA Act, 1999, headquartered at Hyderabad
- Comparable architecture: the RBI’s Account Aggregator framework
