Summary: The Insurance Regulatory and Development Authority of India (IRDAI) held its 134th meeting on 9 March 2026 in virtual mode under the chairmanship of Shri Ajay Seth. During the meeting, the Chairman acknowledged the contributions of outgoing members and welcomed CA. Prasanna Kumar D as a new Part-time Member. The Authority reviewed the insurance industry’s performance for FY 2025-26 up to January 2026, noting total premium collections of ₹10.51 lakh crore with overall growth of 11.45%. Life insurers recorded premiums of ₹7.67 lakh crore, while general insurers collected ₹2.83 lakh crore. Health insurance growth was reported at 14.41%, attributed to the impact of GST exemption, while standalone health insurers recorded 17.89% growth. The Authority also approved in-principle drafting and publication of draft regulations under the Sabka Bima, Sabki Raksha (Amendment of Insurance Laws) Act, 2025 for stakeholder consultation. Additionally, IRDAI approved reconstitution of the Insurance Advisory Committee with 18 proposed members.
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Insurance Regulatory and Development Authority of India
MINUTES OF THE 134th
MEETING OF THE AUTHORITY
held on 9th March 2026 at 5pm in Virtual Mode
Present at Headquarters, IRDAI:
| Chairman | Shri Ajay Seth |
| Whole-time Member | Shri Rajay Kumar Sinha |
| Whole-time Member | Shri Deepak Sood |
| Whole-time Member | Shri Swaminathan S. Iyer |
Joined Virtually
| Part-time Member | Smt. Shalini Pandit |
Also present – officers of IRDAI:
| Executive Director (GA & HR) Chief General Manager (F&I) General Manager (Reinsurance) Secretary | Shri A. R. Nithiyanantham
Shri G. R. Surya Kumar Shri Shardul Admane Smt. B Padmaja |
The Chairman extended greetings to all members.
He placed on record the contributions of Shri Parmod Kumar Arora who completed his tenure as Whole-time Member (Actuary) on 3rd January 2026, Shri Satyajit Tripathy whose tenure as Whole-time Member (Distribution) completed on 1st February 2026 and CA. Charanjot Singh Nanda, Part-time Member, whose tenure as president of ICAI completed on 11th February 2026.
He welcomed CA. Prasanna Kumar D who joined the Authority as a Part-time Member effective 12th February 2026. Leave of absence was granted to him as he was unable to join the meeting.
After ascertaining that the requisite quorum was present, Chairman started the deliberations.
In his opening remarks the Chairman briefly touched upon the performance of the Insurance Industry and highlighted that at the Industry level, the premium garnered for the FY 2025-26 i.e. up to January 2026 was ₹10.51 lakh crore with a growth rate of 11.45%. Life insurers registered a total premium of ₹ 7.67 lakh crore with a growth rate of 12.27%. General Insurers collected a gross direct premium of ₹2.83 lakh crore with a growth rate of 9.3%. With the impact of GST exemption accelerating the growth, the health insurance segment has recorded a growth rate of 14.41%. Premium collected up to the month of January 2026 is ₹1.15 lakh crore. With a growth rate of 17.89% the standalone health insurers have shown good performance with a premium collection upto January 2026 being ₹35,815 crore
The Authority noted the update.
The agenda items were then taken up for consideration.
6. In-Principle approval for drafting and publishing the draft regulations for stakeholder consultation
6.1 ED (GA &HR) presented that the Sabka Bima, Sabki Raksha (Amendment of Insurance Laws) Act, 2025 (“SBSR Act”) notified on 21st December 2025 came into force with effect from 5th February 2026. He further presented that the new regulations to be framed thereunder and amendments to existing regulations are to be carried out within a period of six months of the coming into force of SBSR Act.
6.2 In terms of approved mechanism for framing, consultation and issuance of the Authority in its 119th Meeting held on 26th July 2022 in-principle approval of the Authority is requested for drafting and publishing the draft regulations for stakeholder consultation.
6.3 After deliberations, the Agenda was approved.
7 Reconstitution of Insurance Advisory Committee (IAC)
7.1 It was presented that the term of the 18 members of the Insurance Advisory Committee constituted under the provisions of the IRDA Act, 1999 appointed vide notification dated 23rd August 2023 completed on 22nd August 2025. Further, the term of two members appointed by notification dated 21st March 2024 will complete on 20th March 2026. A list of 18 experts in various fields with representation by virtue of official designation (6 in number) and expertise in terms of the provisions of the IRDA Act (12 in number) was proposed to be appointed as Members on IAC. It was further presented that consent of these experts was being sought.
7.2 The Authority approved nomination of the proposed 18 Members to IAC as per the agenda and authorised the Chairman to get the notification issued on receipt of consent from the Members appointed by name.
