IRDAI's major move: A 'Public Insurance Registry' will provide access to all insurance policies, claims, and unclaimed amounts in one place. 'Know Your Agent' will curb mis-selling. Find out how this proposal—set for September 1, 2026—will impact your finances and financial security.

The Insurance Regulatory and Development Authority of India (IRDAI) has released a consultation paper regarding the establishment of a 'Public Insurance Registry' in the country by September 1, 2026. The primary objective of this new digital platform is to provide millions of policyholders across the country with access to details regarding all their life, health, and general insurance policies, claims, and agents in a single location.

This centralized registry will make it significantly easier for consumers to compare insurance policies from different companies, select the right plan, and locate unclaimed insurance funds that have been pending for years. Additionally, a 'Know Your Agent' module will help curb mis-selling. IRDAI has invited suggestions on this proposal from all stakeholders and the general public until September 30, 2026.

Tracking all policies, claims, and unclaimed amounts on a single platform

Currently, if an individual holds life, health, or motor insurance policies from different companies, they must log in to each company's respective portal or app. Often, due to lost policy documents or a lack of awareness among family members, maturity and death claim amounts worth thousands of crores of rupees remain unclaimed with insurance companies.

A digital solution to the entire problem

IRDAI's proposed Public Insurance Registry will offer a digital solution to this entire issue:

Single-window dashboard: Policyholders will be able to view all their active and past policies on a single screen by logging in using their Aadhaar or PAN card. Easy Policy Comparison: Customers will be able to directly compare premiums, coverage, and terms of insurance plans from different companies to select the most affordable and suitable plan.

Transparent Claim Status: Real-time tracking of a claim's progress and settlement status will be available in one place after filing.

Quick Search for Unclaimed Amounts: Nominees or legal heirs will be able to find out if any unclaimed insurance amount exists for a family member by simply entering basic identification details.

'Know Your Agent' to Curb Mis-selling and Enhance Agent Accountability

In the insurance sector, customers are often sold expensive policies they do not need—or are misled by false information and the lure of high returns—a practice known as 'mis-selling.' To curb this, the IRDAI has proposed introducing a 'Know Your Agent' (KYA) system within the registry.

Under this feature, customers can conduct a comprehensive background check on any insurance agent by entering their official registration number before purchasing a policy. Details such as the agent's past experience, the quality of plans sold, policy renewal records (Persistency Ratio), and any complaints filed against them will be publicly accessible. If an agent engages in fraud or provides misleading information, they will be held directly accountable, and the regulator will closely monitor their license.

Major Benefits for Insurance Companies, Banks, and the Regulator

This registry will serve as robust digital public infrastructure not just for customers, but for the entire financial system:

Assistance in Product Design for Insurance Companies: Companies will find it easier to develop new and affordable products based on actual market demand and data.

Easier Loan Assessment for Banks: When a customer applies for a home, business, or personal loan, banks—with the customer's consent—will be able to quickly assess their financial capacity and risk profile by reviewing their verified insurance policies. Robust monitoring for the regulator: The IRDAI will be able to monitor activities across the entire insurance market, reasons for claim rejections, and unfair trade practices in real-time, thereby fostering healthy competition and new innovations in the market.