Insurance Information Bureau which was formed as an advisory body of the IRDA has now been transformed as an independent body. No reasoning is given by the IRDA circular. Could it be due IRDA’s plans to set up an insurance credit bureau, for which companies like CIBIL are interested?

Raj Pradhan

The Insurance Information Bureau (IIB) was formed as an advisory body of the Insurance Regulatory and Development Authority (IRDA) in the year 2009. Insurance companies and TPAs (third party administrators) are required to submit data to the IIB for processing and dissemination of the data. The IIB has been collecting transactional data from the market (insurance companies, TPAs, etc) for different lines of business, analyzing the same and producing periodical and ad-hoc reports for the benefit of stakeholders in the insurance industry.

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