The article analyzes the 'Bima Sugam – Insurance Electronic Marketplace,' the necessity of such a marketplace, and its customer benefits. The marketplace must be established by a not-for-profit company formed under section 8 of the Companies Act 2013.
Additionally, the article discusses the robust framework laid out by these regulations, covering:
‣ Shareholding and Governance Framework of 'Bima Sugam Company'
‣ Functions and Responsibilities of 'Bima Sugam Company' and the 'Marketplace'
‣ Marketplace Security – Compliance and Standards
‣ Authority's Power to Conduct Enquiry, Investigation, Inspection and Call for Information