Industry Odisha Bureau, 08 Aug: The Insurance Regulatory and Development Authority of India (IRDAI) has notified the IRDAI (Registration of Insurance Intermediaries) (Amendment) Regulations, 2026. The new amendments will ensure transparency, accountability and ease of doing business.
The new regulations introduces mandatory tagging of an unauthorised salesperson to every insurance proposal, policy and certificate of insurance. This leaves behind an identification of the sale of the policy or services. The move aims to ensure improve accountability and transparency by putting a check of the mis-selling or customer grievances.
The changes also include a registration framework by replacing the existing system of periodic registration renewals. IRDAI has taken the move to facilitate the eligible insurance intermediaries to continue to remain registered by levy an annual fee.
Similarly, IRDAI also revised governance requirements targeting the insurance intermediaries. This provides the necessary regulatory check on the entities. The changes are introduced to safeguard the consumer interests by addressing the customer grievances.
It is noteworthy that the insurance penetration in India contributes roughly 3.7% of the GDP. While life insurance accounts for 2.7%, non-life (general and health) insurance accounts for 1%. Albeit this India stands as the 10th largest economy by premium volume with an insurance density of USD 97 per capita.
The above changes come at a point when despite occupying the 10th position in insurance market globally, India lags behind the global average insurance penetration of over 7%.
Government is expanding the insurance sector through schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana. IRDAI commits to the vision of “Insurance for All by 2047”, ensuring health, property insurance for the citizens.
