Taxmann's Insurance Regulatory and Development Authority Act 1999 with Regulations

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INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (RE-INSURANCE) REGULATIONS, 2018

4.

5.

6.

7.

8.

9.

FORM

FORM

FORM

FORM

3.

1.

2.

3.

4.

5.

6.

7.

8.

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002

(TREATMENT OF DISCONTINUED LINKED INSURANCE POLICIES) REGULATIONS, 2010

1.

3.

4. Options of a policyholder upon discontinuance of the

5. Obligations of the insurer for revival of the policy

6. Obligations of the insurer upon complete withdrawal of the policy

7. Obligations of an insurer upon discontinuance of a policy

8. Disclosures relating to discontinued policies

1.

2.

3.

4.

5. Application

6.

7.

8.

12.

13.

14.

15.

16.

17.

18.

19.

20.

21.

22.

23.

25.

28.

29.

30.

31.

SCHEDULE V: 178

SCHEDULE VIA: Certificate to be submitted by the insurer duly signed by CEO and CFO of the company on the remuneration and other payments made to a Corporate Agent 180

SCHEDULE VIB: Certificate to be submitted by the corporate agent duly signed by CEO and CFO of the company/entity on the remuneration and other payments received from the insurer 180

SCHEDULE VII: 181

SCHEDULE VIII: Certificate to be submitted by the corporate agent duly signed by CEO and CFO of the company/entity on forced selling 187

ANNEXURE 3: Application for a Certificate/Renewal of Certificate to act as a Specified Person 187

FORM B: Certificate of Registration 190

FORM C: Certificate of Renewal Registration 191

FORM B: Duplicate Certificate Registration 191

ANNEXURE 4: Application for Permission to act as Telemarketer 193

ANNEXURE 5: Application for a Certificate to act as an Authorised Verifier 196

INSURANCE REGULATORY AND DEVELOPMENT

AUTHORITY OF INDIA (INSURANCE SURVEYORS AND LOSS ASSESSORS) REGULATIONS, 2015

CHAPTER I PRELIMINARY

1. Short title, commencement and application 200

2. Definitions 200

CHAPTER II

LICENSING PROCEDURE

3. Application for, and matters relating to, grant of license to individual Surveyors and Loss Assessors 202

4. Application for grant of fresh Corporate Surveyor and Loss Assessor License and related matters 207

4A. Foreign Investment

SCHEDULE AA: Undertaking from an insurance intermediary that has majority shareholding of foreign investors

5. Fee Structure

6. Application for grant of renewal license (Individual/Corporate Surveyor and Loss Assessor) and related matters

7. Procedure where application for grant of license is rejected

8. Procedure where application for renewal of license is refused

9. Issue of Duplicate License

CHAPTER III

CONSTITUTION AND FUNCTIONS OF SURVEYORS AND LOSS ASSESSORS COMMITTEE

10. Constitution

11. Functions of the Committee

12. Appointment of Surveyors and Loss Assessors

DUTIES AND RESPONSIBILITIES OF A SURVEYOR AND LOSS ASSESSOR

CHAPTER VIII

MISCELLANEOUS

19. Register of Licensed Insurance Surveyors and Loss Assessors

20. Submission of returns by Surveyor and Loss Assessor

21. Submission of reports by insurers

22. Inspection

23. Suspension of license

24. Cancellation of license

25. Procedure for suspension and cancellation of license

25A. Voluntary Surrender of Licence

26. Power to clarify

27. Qualification Requirement for Licensed Surveyors and Loss Assessors

28. Power to Frame Guidelines

SCHEDULE I

ANNEXURE 1: Qualification Criteria for Enrolment and Licensing of Surveyors and Loss Assessors (Regulation 3)

ANNEXURE 2: [Omitted by the Insurance Regulatory and Development Authority of India (Insurance Surveyors and Loss Assessors) (Amendment) Regulations, 2020, w.e.f. 24-11-2020]

SCHEDULE II: Application Forms and Licensing formats

FORM-IRDAI-1-AF: [Omitted]

FORM-IRDAI-2-LF: Not Transferable

FORM-IRDAI-3-AF: [Omitted]

FORM-IRDAI-4 LF: Not Transferable

FORM-IRDAI-5AF: [Omitted]

FORM-IRDAI-6AF: [Omitted]

FORM-IRDAI-7 LF: Not Transferable

FORM-IRDAI-8 LF: Not Transferable

FORM-IRDAI-9-AF: [Omitted]

FORM-IRDAI-10-LF: Not Transferable

FORM-IRDAI-11: Format for keeping Records for 3 Years

FORM-IRDAI-12: Format for Annual Submission of return to the Authority

FORM-IRDAI-13: [Omitted]

FORM-IRDAI-14: [Omitted]

FORM-IRDAI-15: [Omitted]

FORM-IRDAI-16: [Omitted]

FORM-IRDAI-17AF: [Omitted]

FORM-IRDAI-18AF: [Omitted]

FORM-IRDAI-19: [Omitted] 241

INSURANCE REGULATORY AND DEVELOPMENT

AUTHORITY OF INDIA (THIRD PARTY ADMINISTRATORS - HEALTH SERVICES) REGULATIONS, 2016

1. Short title and commencement

2. Definitions

3. Health services by TPA

4. Applicability of these regulations

5. Compulsory registration for Health services by TPA

6. Minimum Capital and Net Worth Requirements

6A. Foreign Investment

SCHEDULE AA: Undertaking from an insurance intermediary that has majority shareholding of foreign investors

7. Application for grant of Certificate of Registration as TPA

8. Conditions for grant of Certificate of Registration

9. Grant of Certificate of Registration

10. Refusal for grant of Certificate of Registration

11. Requirement of qualification, training and passing of examination

12. Issue of a duplicate Certificate of Registration

13. Transfer of shares or ownership

14. Minimum Business Requirements

15. Renewal of Certificate of Registration

16. Revocation, Suspension, Cancellation or denial of renewal of Certificate of Registration granted to a TPA

17. Voluntary Surrender of Certificate of Registration

18. Effect of and action on Revocation, Suspension, Cancellation, voluntary surrender or denial of renewal of Certificate of Registration

19. Maintenance of books of account, records, and confidentiality of information, submission of annual report to Authority

20. Health Service Agreements

21. General guidelines to TPA in respect of services in relation to Health Insurance Policies

22. Servicing of Foreign Travel Policies, Non-Insurance Healthcare Schemes

23. Code of Conduct for TPAs

24. Authority’s power to inspect

25. General

26. Repeal and Savings

27. Power of the Authority to issue clarifications etc.

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (INSURANCE BROKERS) REGULATIONS, 2018

1. Short title and commencement

AND RENEWAL OF CERTIFICATE OF REGISTRATION

3. Categories of the Insurance brokers

4. Functions of an Insurance broker

5. Submission of Application for grant of certificate of registration

6. Application to conform to the requirements

7. Furnishing of information, clarification and personal representation

8. Consideration of application

9. Payment of fees and the consequences of failure to pay fees

10. Procedure for issuance of Certificate of Registration

11. Validity of Certificate of Registration

12. Rejection of Application

13. Conditions of grant of registration to Insurance Broker

14. Renewal of Certificate of Registration

15. Procedure where a renewal of certificate of registration is not issued

16. Effect of refusal to issue certificate of registration

17. Issue of a duplicate certificate of registration

20. Manner of calculation of

21. [Omitted by the Insurance Regulatory and Development Authority of India (Insurance Intermediaries) (Amendment) Regulations, 2019, w.e.f. 30-10-2019.]

21A.

29. Board Approved Policy for comparison and distribution of insurance products

30. Code of conduct for Insurance brokers

31. Internal control and systems

32. Co-broking

33. Segregation of insurance money

34. Maintenance of books of account, records, etc.

35. Ceiling on business from single client

36. Outsourcing of activities by insurance broker

37. Single broking registration to one corporate group and dealings with Group companies

38. Reinsurance/Composite brokers sharing of Brokerage with a foreign broker for the placement of risks

39. Filing of Returns

40. Disclosures to the Authority

41. Amalgamation and Transfer of business

42. Authority’s power to inspect

43. Appointment of investigator by the Authority

CHAPTER IV

ONLINE SALES, TELEMARKETING AND DISTANCE MARKETING

44. Sale of Insurance Online

45. Sale of Insurance by telemarketing mode

46. Sale of Insurance through distance marketing mode

CHAPTER V

APPROACH IN CASE OF NON-COMPLIANCE OF REGULATIONS

47. Action against a person acting as an insurance broker without a valid certificate of registration

48. Penalty for certain violations/breaches

49. Suspension or Cancellation of certificate of registration with notice

50. Suspension or Cancellation of certificate of registration without notice

51. Publication of order of suspension

52. Manner of holding of enquiry after suspension of certificate of registration of the insurance broker

CONTENTS

53. Action to be taken after the receipt of the enquiry report

54. Procedure for Cancellation of certificate of registration

55. Publication of order on cancellation of certificate of registration

56. Effect of cancellation of certificate of registration

CHAPTER VI

MISCELLANEOUS

57. Voluntary Surrender of certificate of registration

58. Repeal and Savings

59. General

SCHEDULE I - FORM A: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE I - FORM B: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE I - FORM C: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE I - FORM D: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE I - FORM E: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

PART I: Requirements for Principal Officer and Broker Qualified Persons

PART II: Certificate for Principal Officer and Broker Qualified Person

SCHEDULE I - FORM F: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE I - FORM G: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE I - FORM H: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE I - FORM I: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE I - FORM J: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE I - FORM K: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE I - FORM L: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE I - FORM M: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE I - FORM N: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE I - FORM O: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE I - FORM P: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE I - FORM Q: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE II - FORM R: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE II - FORM S: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE II - FORM T: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE II - FORM TA: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE II - FORM TB: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE II - FORM U:

and Development

of India (Insurance Brokers) Regulations,

SCHEDULE II - FORM UA:

SCHEDULE II - FORM V:

SCHEDULE II - FORM W:

and Development Authority of

(Insurance Brokers) Regulations,

Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE II - FORM X: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE II - FORM Y: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE II - FORM Z:

Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

SCHEDULE III - FORM AA: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

ANNEXURE IA: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations,

ANNEXURE IB: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations,

ANNEXURE IC: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

ANNEXURE ID: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations,

ANNEXURE IE: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018 351

ANNEXURE IF: Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018 352

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (INSURANCE SERVICES BY COMMON PUBLIC SERVICE CENTERS) REGULATIONS, 2019

1. Short title and commencement 353

CHAPTER I PRELIMINARY

2. Definitions 353

CHAPTER II

REGISTRATION OF CPSC-SPV

I.Certificate of Registration

3. Application for grant of Certificate of Registration 355

4. Grant of Registration to the CPSC-SPV 355

5. Period of Validity of Registration of the CPSC-SPV 355

II.Renewal of Certificate of Registration

6. Procedure for the Renewal of Registration of CPSC-SPV 356

III.Duplicate Certificate of Registration

7. Issue of a duplicate certificate of registration 356

CHAPTER III

INSURANCE SOLICITATION, OPERATIONAL ISSUES AND FUNCTIONS OF CPSC-SPV, RAP AND VLE-INS

8. Persons engaged for solicitation 356

9. Enabling Registration of Insurance Business by RAP and VLE-Ins 357

10. Functions of CPSC-SPV 357

11. Functions and Obligations of RAP and VLE-Ins 357

12. Remuneration payable to CPSC-SPV, RAP and VLE-Ins 357

13. Products allowed under CPSC Model

14. Agreement between CPSC-SPV and the Insurer

15. Obligations of Insurer

16. Reports to be submitted to the Authority

17. Power of Authority to inspect

18.

19. Suspension or Cancellation of Registration of CPSC-SPV; Certificate of RAP and VLE-Ins

20. Power of the Authority to issue clarifications

21. Amendment of Insurance Regulatory and Development Authority of India (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations, 2016

22.

4.

5. Resignation,

6.

7. Allowances

8.

9.

INSURANCE REGULATORY AND DEVELOPMENT

INSURANCE REGULATORY AND DEVELOPMENT

AUTHORITY OF INDIA (ACTUARIAL, FINANCE AND INVESTMENT FUNCTIONS OF INSURERS) REGULATIONS, 2024

CHAPTER I PRELIMINARY

1. Short title, applicability and commencement

2. Objectives

3. Definitions 401

CHAPTER II

GUIDING PRINCIPLES FOR ACTUARIAL, FINANCE AND INVESTMENT FUNCTIONS

4. Principles governing the Actuarial, Finance and Investment functions of insurers 402

5. Board approved policies of the insurer 403

6. In addition to the above, insurers shall follow the respective provisions as set out below 403

CHAPTER III

MISCELLANEOUS

7. Power to issue circulars, guidelines and directions

8. Power to issue clarifications and to remove difficulties

9. Repeals

SCHEDULE

SCHEDULE

SCHEDULE

INSURANCE REGULATORY AND DEVELOPMENT

AUTHORITY OF INDIA (PROTECTION OF POLICYHOLDERS’ INTERESTS, OPERATIONS AND ALLIED MATTERS OF INSURERS) REGULATIONS, 2024

1. Short title, applicability and commencement 584

2. Objective 584

3. The regulations are divided into the following two parts 585

PART A

PROVISIONS RELATING TO PROTECTION OF INTERESTS OF POLICYHOLDERS

4. The part A include the following matters 585

5. Definitions applicable to Part A of these Regulations 585

CHAPTER 1

ACTIVITIES PRIOR TO SALE OF INSURANCE POLICIES

6. Principles for sale of insurance products 587

7. Board approved policy for protection of interests of policyholders 587

8. Products on Offer/Products Withdrawn 588

9. Prospectus of Insurance Products 588

CHAPTER 2

PROPOSAL FOR SALE OF INSURANCE POLICIES

10. Proposal for Insurance 589

CHAPTER 3

SALE AND ISSUANCE OF INSURANCE POLICIES

11. Every insurer shall ensure that 589

12. Customer Information Sheet 589

13. Issuance of Insurance policies in electronic form 589

14. Group Insurance Polices 590

15. Privacy and Confidentiality 590

CHAPTER 4

PAYMENT AND REFUND OF PREMIUM, NOMINATION AND ASSIGNMENT

16. Manner of Payment of Premium 591

17. Refund of Premium 591

18. Nominations 591

19. Assignment or Transfer 591

CHAPTER 5

SERVICING OF POLICYHOLDERS

20. Free Look Period of Life and Health Policies 592

21. Policyholder Servicing 592

CHAPTER 6

SETTLEMENT OF CLAIMS

22. Settlement of Claims 593

23. Treatment of Policyholders and Claimants 593

24. Every life insurer shall inform policyholders through a letter/e- mail/ any other electronic mode 594

CHAPTER 7

GRIEVANCE REDRESSAL

25. Grievance Redressal Procedure 594

PART B

OPERATIONS AND ALLIED MATTERS OF THE INSURERS

26. Definitions applicable for Part B of these regulations 594

CHAPTER 1

ADVERTISEMENT

27. Advertisements 596

28. 597

29. Compliance and Control of Advertisements 597

CHAPTER 2

PLACES OF BUSINESS OF INSURERS

30. Opening Place of Business within India 597

31. 598

32. 598

33. 598

34. 598

35. Closure or Relocation of Places of Business within India 598

36. Norms for Places of Business outside India 599

37. 599

38. Norms for Opening a Foreign Branch Office or Office at International Financial Services Centres (IFSC) 599

39. Eligibility Criteria of insurers for Opening a Foreign Branch Office 599

40. Terms and Conditions Governing the Approval of the Foreign Branch office or office at IFSC 599

41. 600

42. Sources of Meeting the Capital Requirements of the Foreign Branch Office 600

43. Further Powers of the Competent Authority 600

CHAPTER 3

OUTSOURCING OF ACTIVITIES BY INSURERS

45. Applicability 601

46. Activities prohibited from Outsourcing 601

47. Responsibilities of the Board of Directors 601

48. Outsourcing Committee 602

49. Due Diligence of Outsourcing Service Provider 602

50. 602

51. Confidentiality and Security 603

52. Internal Controls for outsourcing 603

53. Regulatory Access 603

54. Reporting Requirements 603

CHAPTER 4 MISCELLANEOUS

55. Trade logo 604

56. Powers to issue circular, guidelines and directions 604

57. Power to remove difficulties and issue clarifications 604

58. Repeal and Savings 604

INSURANCE REGULATORY AND DEVELOPMENT

AUTHORITY OF INDIA (RURAL, SOCIAL SECTOR AND MOTOR THIRD PARTY OBLIGATIONS) REGULATIONS, 2024

CHAPTER I PRELIMINARY

1. Short Title, Applicability and Commencement 605

2. Objective 605

3. Definitions 605

CHAPTER II

PART 1

OBLIGATIONS WITH RESPECT TO RURAL AND SOCIAL SECTOR

4. Every insurer, shall ensure that it undertakes obligations set out by the Authority during the financial years indicated herein 606

5. Conditions applicable to Rural and Social Sector Obligations 608

PART II

OBLIGATIONS WITH RESPECT TO MOTOR THIRD PARTY BUSINESS

6. Manner of arriving at the Obligations 608

CHAPTER III

IMPLEMENTATION AND OTHER PROVISIONS

7. Option to fulfil the obligations 609

8. Submission of Returns 609

9. Powers to issue Circular, Guidelines and Directions from time to time 609

10. Repeal and Savings Clause

1.

2.

3. Definitions

4.

5.

6.

7.

11.

12.

13. Investment as “Promoter” 623

14. Promoter(s) Holding 623

15. Investment as “Investor” 624

16. Nomination of Director 624

17. Additional Stipulations for Investment by promoter and/or investor 624

18. Criteria for Investment by the Private Equity Funds 625

19. Manner of calculation of equity capital held by foreign promoter and foreign investor 625

20. 626

CHAPTER IV

TRANSFER OF SHARES

21. Requirement of Prior-Approval for transfer of shares 626

22. Manner of Obtaining Prior Approval 626

23. Due Diligence 627

24. Conditions for Approval 627

25. Transfer of shares in case of listed insurance companies 627

26. Pledge of Shares of Insurer 628

27. Reporting requirements 628

28. Action for Violation or Non-Compliance 629

CHAPTER V

LISTING OF EQUITY SHARES OF INSURER ON STOCK EXCHANGE

29. 629

CHAPTER VI

AMALGAMATION AND TRANSFER OF INSURANCE BUSINESS

30. 630

31. Application to be submitted to the Authority 630

32. In-principle approval by the Authority 631

33. Final approval by the Authority 631

34. Effect of Final Approval 632

35. Powers of Authority 632

36. Payment of non-refundable fee for processing of the application 633

CHAPTER VII

MANNER OF ASSESSMENT OF COMPENSATION TO SHAREHOLDERS OR MEMBERS IN CASE OF AMALGAMATION UNDER SECTION 37A OF THE ACT 37. 633 38. 633 39. 633 40. 633

CHAPTER VIII OTHER FORMS OF CAPITAL 41. 635

42. Qualification for “Other Forms of Capital” 635

43. Conditions for issue of “Other Forms of Capital” 635

44. Prior Approval 636

45. Reporting requirements 637

46. Classification in the Balance Sheet 637

47. Disclosure 637

48. Call Back of Instruments 637

49. 638

50. Subscribers to the Instruments 638

51. Investment by an insurer in “Other Forms of Capital” of another insurer 638

52. Grant of Loans against the Instruments 638

53. Limit for Other Forms of Capital 638

54. Amortization of the instruments for the purpose of computing solvency 638

55. Responsibility of the Board of the Insurer 639

CHAPTER IX

MISCELLANEOUS

56. Annual Fee 639

57. Issue of duplicate certificate 640

58. Suspension or Cancellation of Certificate of Registration 640

59. Power to issue circulars, guidelines and directions 643

60. Power to remove difficulties and issue clarifications 643

61. Repeal and Savings 643 SCHEDULE 1: Fit and Proper Criteria 644 FORM IRDAI/R3 645

INSURANCE REGULATORY AND DEVELOPMENT

AUTHORITY OF INDIA (INSURANCE PRODUCTS) REGULATIONS, 2024

CHAPTER I

PRELIMINARY

1. Short title, applicability and commencement 646

2. Objectives 646

3. Definitions 647

CHAPTER II

PRINCIPLES OF PRODUCT DEVELOPMENT, PRICING AND DESIGN

4. Principles of design and pricing of insurance products 648

5. Micro-insurance products 649

6. Product management and governance 649

CHAPTER III

MISCELLANEOUS

7. Powers to issue circular, guidelines and directions from time to time 650

8. Power to remove difficulties and issue clarifications 650

9. Repeal and Savings 651

SCHEDULE I: Specific provisions applicable to Life Insurance Products 651

SCHEDULE II: Specific provisions applicable to general insurance products 666

SCHEDULE III: Specific provisions applicable to health insurance products 667

INSURANCE REGULATORY AND DEVELOPMENT

AUTHORITY OF INDIA (MAINTENANCE OF INFORMATION BY THE REGULATED ENTITIES AND SHARING OF INFORMATION BY THE AUTHORITY) REGULATIONS, 2025

1. Short title and commencement 671

2. Objective 671

3. Definitions 671

4. 672

CHAPTER 1

SHARING OF CONFIDENTIAL INFORMATION BY THE AUTHORITY CONCERNING DOMESTIC OR FOREIGN ENTITY

5. Categorization of information sought 673

6. Purpose for which the information is sought 673

7. Disclosure of information 673

8. Sharing of Confidential information 674

CHAPTER 2

MAINTENANCE OF INSURANCE RECORDS 9. 674

675 11. 675

CHAPTER 3

MINIMUM INFORMATION FOR INVESTIGATION AND INSPECTION

PART I

PROVISIONS APPLICABLE TO ALL INSURERS

12. 675

PART II

PROVISIONS APPLICABLE TO INTERMEDIARIES & INSURANCE INTERMEDIARIES

13. 676

PART III

COMMON PROVISIONS APPLICABLE TO INSURERS, INTERMEDIARIES & INSURANCE INTERMEDIARIES

14. 676

15. Checks and Other Verifications 676

16. Board Approved Policy on Record Maintenance 677

17. Removal of Difficulties 677

18. Repeal and Savings 677

SCHEDULE I: Provisions Applicable to Insurers 677

SCHEDULE II: Provisions Applicable to Intermediaries or Insurance Intermediaries 683

SABKA

BIMA

SABKI RAKSHA

(AMENDMENT OF INSURANCE LAWS) ACT, 2025

Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 687

Insurance Regulatory and Development Authority Act, 1999

An Act to provide for the establishment of an Authority to protect the interests of holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto and further to amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General Insurance Business (Nationalisation) Act, 1972

BE it enacted by Parliament in the Fiftieth Year of the Republic of India as follows:—

CHAPTER I

PRELIMINARY

Short title, extent and commencement.

1. (1) This Act may be called the Insurance Regulatory and Development Authority Act, 1999.

(2)It extends to the whole of India.

(3)It shall come into force on such date* as the Central Government may, by notification in the Official Gazette, appoint:

Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.

Definitions.

2. (1) In this Act, unless the context otherwise requires,—

(a)“appointed day” means the date on which the Authority is established under sub-section (1) of section 3;

(b)“Authority” means the Insurance Regulatory and Development Authority 1[of India] established under sub-section (1) of section 3;

(c)“Chairperson” means the Chairperson of the Authority;

*19-4-2000 vide Notification No. SO 397(E), dated 19-4-2000.

1.Inserted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014.

1

S. 4

INSURANCE REGULATORY ACT, 1999 2

(d)“Fund” means the Insurance Regulatory and Development Authority Fund constituted under sub-section (1) of section 16;

(e)“Interim Insurance Regulatory Authority” means the Insurance Regulatory Authority set up by the Central Government through Resolution No. 17(2)/94-Ins-V, dated the 23rd January, 1996;

2[(f)“insurance intermediary” shall have the same meaning as assigned to it in clause (10B) of section 2 of the Insurance Act, 1938 (4 of 1938);]

(g)“member” means a whole-time or a part-time member of the Authority and includes the Chairperson;

(h)“notification” means a notification published in the Official Gazette;

(i)“prescribed” means prescribed by rules made under this Act;

(j)“regulations” means the regulations made by the Authority.

(2) Words and expressions used and not defined in this Act but defined in the Insurance Act, 1938 (4 of 1938) or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) shall have the meanings respectively assigned to them in those Acts.

CHAPTER II

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

Establishment and incorporation of authority.

3. (1) With effect from such date as the Central Government may, by notification, appoint, there shall be established, for the purposes of this Act, an Authority to be called “the Insurance Regulatory and Development Authority 3[of India].

(2) The Authority shall be a body corporate by the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property, both movable and immovable, and to contract and shall, by the said name, sue or be sued.

(3) The head office of the Authority shall be at such place as the Central Government may decide from time to time.

(4) The Authority may establish offices at other places in India. Composition of Authority.

4. The Authority shall consist of the following members, namely:— (a)a Chairperson;

2.Substituted by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified. Prior to its substitution, clause (f), as substituted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014, read as under : ‘(f)“Intermediary” or “Insurance intermediary” includes insurance brokers, re-insurance brokers, insurance consultants, corporate agents, third party administrator, surveyors and loss assessors and such other entities, as may be notified by the Authority from time to time;’

3.Inserted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014

(b)not more than five whole-time members;

(c)not more than four part-time members, to be appointed by the Central Government from amongst persons of ability, integrity and standing who have knowledge or experience in life insurance, general insurance, actuarial science, finance, economics, law, accountancy, administration 4[, information technology] or any other discipline which would, in the opinion of the Central Government, be useful to the Authority:

Provided that the Central Government shall, while appointing the Chairperson and the whole-time members, ensure that at least one person each is a person having knowledge or experience in life insurance, general insurance or actuarial science, respectively.

Tenure of office of Chairperson and other members.

5. 5[(1) The term of office of the Chairperson and other whole-time members shall be five years from the date on which they enter upon their office or till they attain the age of sixty-five years, whichever is earlier, and shall be eligible for reappointment.]

(2) A part-time member shall hold office for a term not exceeding five years from the date on which he enters upon his office.

(3) Notwithstanding anything contained in sub-section (1) or sub-section (2), a member may—

(a)relinquish his office by giving in writing to the Central Government notice of not less than three months; or

(b)be removed from his office in accordance with the provisions of section 6.

Removal from office.

6. (1) The Central Government may remove from office any member who—

(a)is, or at any time has been, adjudged as an insolvent; or

(b)has become physically or mentally incapable of acting as a member; or

(c)has been convicted of any offence which, in the opinion of the Central Government, involves moral turpitude; or

(d)has acquired such financial or other interest as is likely to affect prejudicially his functions as a member; or

4.Inserted by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified.

5.Substituted, ibid. Prior to its substitution, sub-section (1) read as under : “(1) The Chairperson and every other whole-time member shall hold office for a term of five years from the date on which he enters upon his office and shall be eligible for reappointment:

Provided that no person shall hold office as a Chairperson after he has attained the age of sixty-five years:

Provided further that no person shall hold office as a whole-time member after he has attained the age of sixty-two years.”

(e)has so abused his position as to render his continuation in office detrimental to the public interest.

(2) No such member shall be removed under clause(d) or clause(e) of sub-section (1) unless he has been given a reasonable opportunity of being heard in the matter.

Salary and allowances of Chairperson and members.

7. (1) The salary and allowances payable to, and other terms and conditions of service of, the members other than part-time members shall be such as may be prescribed.

(2) The part-time members shall receive such allowances as may be prescribed.

(3) The salary, allowances and other conditions of service of a member shall not be varied to his disadvantage after appointment.

Bar on future employment of members.

8. The Chairperson and the whole-time members shall not, for a period of two years from the date on which they cease to hold office as such, except with the previous approval of the Central Government, accept—

(a)any employment either under the Central Government or under any State Government; or

(b)any appointment in any company in the insurance sector.

Administrative powers of Chairperson.

9. The Chairperson shall have the powers of general superintendence and direction in respect of all administrative matters of the Authority.

Meetings of Authority.

10. (1) The Authority shall meet at such times and places and shall observe such rules and procedures in regard to transaction of business at its meetings (including quorum at such meetings) as may be determined by the regulations.

(2) The Chairperson, or if for any reason he is unable to attend a meeting of the Authority, any other member chosen by the members present from amongst themselves at the meeting shall preside at the meeting.

(3) All questions which come up before any meeting of the Authority shall be decided by a majority of votes by the members present and voting, and in the event of an equality of votes, the Chairperson, or in his absence, the person presiding shall have a second or casting vote.

(4) The Authority may make regulations for the transaction of business at its meetings.

Vacancies, etc., not to invalidate proceedings of Authority.

11. No act or proceeding of the Authority shall be invalid merely by reason of—

(a)any vacancy in, or any defect in the constitution of, the Authority; or

(b)any defect in the appointment of a person acting as a member of the Authority; or

(c)any irregularity in the procedure of the Authority not affecting the merits of the case.

Officers and employees of Authority.

12. (1) The Authority may appoint officers and such other employees as it considers necessary for the efficient discharge of its function under this Act.

(2) The terms and other conditions of service of officers and other employees of the Authority appointed under sub-section (1) shall be governed by regulations made under this Act.

CHAPTER III

TRANSFER OF ASSETS, LIABILITIES, ETC., OF INTERIM INSURANCE REGULATORY AUTHORITY

Transfer of assets, liabilities, etc., of Interim Insurance Regulatory Authority.

13. On the appointed day,—

(a)all the assets and liabilities of the Interim Insurance Regulatory Authority shall stand transferred to, and vested in, the Authority.

Explanation. — The assets of the Interim Insurance Regulatory Authority shall be deemed to include all rights and powers, and all properties, whether movable or immovable, including, in particular, cash balances, deposits and all other interests and rights in, or arising out of, such properties as may be in the possession of the Interim Insurance Regulatory Authority and all books of account and other documents relating to the same; and liabilities shall be deemed to include all debts, liabilities and obligations of whatever kind;

(b)without prejudice to the provisions of clause (a), all debts, obligations and liabilities incurred, all contracts entered into and all matters and things engaged to be done by, with or for the Interim Insurance Regulatory Authority immediately before that day, for or in connection with the purpose of the said Regulatory Authority, shall be deemed to have been incurred, entered into or engaged to be done by, with or for, the Authority;

(c)all sums of money due to the Interim Insurance Regulatory Authority immediately before that day shall be deemed to be due to the Authority; and

(d)all suits and other legal proceedings instituted or which could have been instituted by or against the Interim Insurance Regulatory Authority immediately before that day may be continued or may be instituted by or against the Authority. 5

S. 14

REGULATORY ACT, 1999 6

CHAPTER IV

DUTIES, POWERS AND FUNCTIONS OF AUTHORITY

Duties, Powers and Functions of Authority.

14. (1) Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business.

(2) Without prejudice to the generality of the provisions contained in sub-section (1), the powers and functions of the Authority shall include,—

(a)issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration;

(b)protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance;

(c)specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents;

(d)specifying the code of conduct for surveyors and loss assessors;

(e)promoting efficiency in the conduct of insurance business;

(f)promoting and regulating professional organisations connected with the insurance and re-insurance business;

(g)levying fees and other charges for carrying out the purposes of this Act;

(h)calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organisations connected with the insurance business;

(i)control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business 6[***];

(j)specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries;

(k)regulating investment of funds by insurance companies;

(l)regulating maintenance of margin of solvency;

(m)adjudication of disputes between insurers and intermediaries or insurance intermediaries;

6.Words “not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938)” omitted by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified.

7[(n)imposing such penalty as specified in section 102 of the Insurance Act, 1938 (4 of 1938) and for any violation of the provisions of this Act or rules or regulations made thereunder;]

(o)specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organisations referred to in clause (f);

(p)specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector; and

(q)exercising such other powers as may be prescribed.

8[Power of Authority to collect policy information.

14A. The Authority may, for the purpose of efficient discharge of its functions and to regulate and develop the insurance business—

(a)collect in such manner as it may think fit, information relating to policies and claims from any insurer or other regulated entities; and

(b)furnish such information to any insurer or other regulated entities in accordance with the provisions of section 14C.

Power to call for returns containing policy information.

14B. (1) For the purpose of enabling the Authority to discharge its functions under this Act and the Insurance Act, 1938 (4 of 1938), it may at any time direct any insurer or other regulated entities to submit statements relating to policies and policyholder related information in such form and within such time as may be specified by the regulations.

(2) Notwithstanding anything to the contrary contained in any law for the time being in force or in any instrument regulating the constitution thereof or in any agreement executed by it, relating to the secrecy of its dealings with its constituents, an insurer or other regulated entities shall comply with any direction issued under sub-section (1).

Procedure for furnishing policyholder and policy related information to insurer or other regulated entities.

14C. (1) The insurer may, in connection with any insurance policy issued or proposed to be issued by it, to any person, make an application to the Authority in such form as the Authority may specify by the regulations.

(2) The Authority shall process the application made under sub-section (1) within such period as may be specified by the regulations only after the insurer confirms to the Authority that the person has consented to provide access of his policy related information in accordance with the existing law and regulations framed in this regard including the preservation of evidence of such consent.

7.Substituted by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified. Prior to its substitution, clause (n) read as under :

“(n)supervising the functioning of the Tariff Advisory Committee;”

8.Sections 14A to 14E inserted, ibid.

(3) On receipt of an application under sub-section (1), the Authority shall, as soon as may be, furnish the applicant with such policy related information as specified in the application, as may be in its possession:

Provided that the information so furnished shall not disclose the names of the insurer or other regulated entities that has submitted such information to the Authority.

(4) The Authority may in respect of each application levy such fees, as it may deem fit for furnishing such information.

Disclosure of information prohibited.

14D. (1) Any information contained in any statement submitted by an insurer or other regulated entities under section 14B or furnished by the Authority to any insurer or other regulated entities under section 14C, shall be treated as confidential and shall not, except for the specified intended purposes, be published or otherwise disclosed.

(2) Nothing in this section shall apply to––

(a)the disclosure by any insurer or other regulated entities, with the previous permission of the Authority, of any information furnished to the Authority under section 14B or 14C;

(b)the publication by the Authority, if it considers necessary in the public interest so to do, of any information collected by it under section 14B or 14C, in such consolidated form as it may think fit without disclosing the name of any insurer or other regulated entities or the policyholder;

(c)the disclosure or publication by the Authority or the insurer or other regulated entities of any policy related information to any other insurance company, intermediary or regulated entity as permitted by the Authority under the regulations to be issued from time to time.

(3) Notwithstanding anything contained in any law for the time being in force, no court, tribunal or other authority shall compel the Authority or any insurer or other regulated entities to produce or to give inspection of any statement submitted by that insurer or other regulated entities under section 14B or 14C or to disclose any policy related information furnished by the Authority to that insurer or other regulated entities under section 14C.

Power to authorise.

14E. The Authority may, for the efficient discharge of its functions under sections 14A to 14D, by a general or special order in writing, authorise any entity regulated by it or any other statutory body having similar objectives to perform such functions as specified in the said order.]

CHAPTER V

FINANCE, ACCOUNTS AND AUDIT

Grants by Central Government.

15. The Central Government may, after due appropriation made by Parliament by law in this behalf, make to the Authority grants of such sums of money as the Government may think fit for being utilised for the purposes of this Act.

INSURANCE REGULATORY AND DEVELOPMENT

AUTHORITY ACT 1999 WITH REGULATIONS –BARE ACT

AUTHOR : Taxmann's Editorial Board

PUBLISHER : Taxmann

DATE OF PUBLICATION : January 2026

EDITION : 2026 Edition

ISBN NO : 9789375618393

NO. OF PAGES : 732

BINDING TYPE : Paperback

Rs. 775

DESCRIPTION

Insurance Regulatory and Development Authority (IRDA) Act 1999 with Regulations [Bare Act] by Taxmann is an authoritative statutory compilation of India's insurance regulatory framework. Fully updated to incorporate all amendments and subordinate legislation in force up to 2026, this Edition consolidates the complete text of the IRDA Act 1999, together with the Regulations issued thereunder. It serves as a reliable source for understanding regulatory authority, compliance obligations, supervisory mechanisms, and enforcement powers under India's insurance law regime. It is designed for precise statutory reference and citation. This book is intended for the following audience:

• Insurance Companies & Reinsurers

• Insurance Intermediaries (Agents, Brokers, TPAs, Surveyors, Web Aggregators)

• Legal Practitioners & Judiciary

• Compliance Officers & In-house Legal Teams

• CA, CS, CMA & Law Students

• Academicians, Researchers & Institutional Libraries

The Present Publication is the 2026 Edition, covering the amended and updated text of the Insurance Regulatory and Development Authority Act [Act No. 41 of 1999] and Regulations, with the following noteworthy features:

• [Complete Statutory Text] Incorporates the IRDA Act 1999 as amended by the Sabka Bima Sabki Raksha (Amendment to Insurance Laws) Act 2025

• [Pre-amendment Provisions] Includes pre-amendment text in amendment footnotes to explain the earlier legal position

• [Regulations in Full] Consolidates all applicable Regulations notified under the Act

• [Updated Legislative Position] Reflects the current legal and regulatory framework governing insurance and reinsurance business

• [Court-ready & Compliance-ready] Suitable for statutory citation, regulatory reference, and professional use

• [Clear & Structured Presentation] Logical sequencing of provisions for ease of reading and navigation