The Insurance Regulatory and Development Authority of India on 8th September 2021 has published the Insurance Regulatory and Development Authority of India (Insurance Information Bureau of India) Regulations, 2021 which is framed to specify the Objectives, Functions, and Obligations of the Insurance Information Bureau (IIB) and to facilitate IIB to collect Data from the regulated entities on behalf of the Authority.
Insurance Regulatory and Development Authority of India (Insurance Information Bureau of India) Regulations, 2021 also provide the Standards of Compliance for Regulated Entities towards Submission of Data to IIB.
The Objective of IIB is to collect, analyse and report data/information pertaining to Insurance and related domains for the benefit of the stakeholders of IIB and to undertake projects of insurance and other related sectors regulated by the authority in order to further its effective use to market players, regulator, government and general public.
All regulated entities shall submit data to IIB in accordance with the directives to be issued by the authority from time to time. The regulated entity shall ensure accuracy, completeness and timeliness in course of their data submission.
Further, the regulated entities shall align their systems and databases in a manner that would enable submission of complete data without anomalies and distortions.
