IRDAI Bima Sugam Electronic Marketplace & NFRA Auditor Fraud Reporting

1. Bima Sugam & Insurance Trinity

IRDAI accelerated the operationalization of 'Bima Sugam'—a centralized digital public infrastructure (DPI) protocol that acts as a one-stop electronic marketplace for insurance purchase, policy servicing, portability, and claim settlement, forming the backbone of 'Insurance for All by 2047'.

• Bima Trinity consists of: (1) Bima Sugam (digital marketplace platform), (2) Bima Vistaar (all-in-one affordable composite product covering life, health, property, accident), and (3) Bima Vahak (women-centric rural distribution force).

2. NFRA Directives on Statutory Audit & Fraud Reporting

National Financial Reporting Authority (NFRA) reiterated that statutory auditors of public and listed companies cannot resign to escape reporting suspected fraud under Section 143(12) of the Companies Act, 2013 and CARO 2020.