IRDAI proposes new registry and reforms to boost insurance transparency

The Insurance Regulatory and Development Authority of India (IRDAI) is advancing several initiatives to reform the health insurance ecosystem and increase transparency. During a recent sub-committee meeting, officials discussed simplifying policy wording, strengthening underwriting at the point of sale to minimize claim issues, and facilitating hassle-free claim settlements.

To improve efficiency, the regulator is encouraging insurers and hospitals to join the National Health Claims Exchange (NHCX) through potential incentives and faster settlement processes. The sub-committee also emphasized the importance of preventive healthcare, standardizing industry data, and encouraging insurers to publish Standard Treatment Guidelines to help policyholders make informed decisions.

Additionally, the IRDAI has proposed the creation of a Public Insurance Registry (PIR). Designed as a digital public infrastructure, the PIR aims to reduce information gaps, foster competition, and improve customer experience. This registry is intended to support the objectives of the Sabka Bima Sabki Raksha Act, 2025, by creating a more connected and resilient insurance ecosystem through data-driven processes.