The minutes of the 137th meeting of the Insurance Regulatory and Development Authority of India (IRDAI), held on 28 July 2026, record the Authority’s approval of multiple draft regulations and amendments after considering public and stakeholder comments, consultations with the Insurance Advisory Committee on 21 July 2026, and comments from the Department of Financial Services dated 27 July 2026. The approved agenda included the IRDAI (Policyholders’ Education and Protection Fund) Regulations, 2026, establishing the governance, funding and utilisation framework for the Policyholders’ Education and Protection Fund under the Sabka Bima Sabki Raksha (Amendments to Insurance Laws) Act, 2025; the IRDAI (Manner and Procedure for imposition of penalties) Regulations, 2026; amendments relating to actuarial, finance and investment functions, registration, capital structure, transfer of shares and amalgamation of insurers, third party administrators, insurance intermediaries, and insurance surveyors and loss assessors. The amendments are stated to align the regulatory framework with the SBSR Act, 2025, support ease of doing business, simplify regulatory processes, reduce compliance costs, improve operational clarity, and strengthen regulatory oversight. The Authority also adopted IRDAI’s Annual Statement of Accounts for FY 2024-25 and authorised the Chairperson to address C&AG queries, forward the certified accounts to the Central Government, and publish the audit observations, response, and annual accounts.
MINUTES OF THE 137th
MEETING OF THE AUTHORITY
held on 28th July 2026 at 3pm
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: Dr. Debasish Prusty
Also present at Headquarters, IRDAI:
Secretary: Smt. B Padmaja
Executive Director: Shri G. R. Surya Kumar
Chief General Manager: Shri A. Ramana Rao
Chief General Manager: Shri Mahesh Agarwal
Chief General Manager: Smt. J. Anita
Chief General Manager: Shri C. Srinivas Kumar
Chief General Manager: Shri Mahesh Agarwal
Chief General Manager: Shri Manoj Kumar
General Manager: Shri A. V. Rao
General Manager: Shri Prassad Rao Kalayru
1. The Chairman extended greetings to all members. Leave of Absence was given to CA. Prasanna Kumar D, Part-time Member
2. After ascertaining that the requisite quorum was present, Chairman initiated deliberations on Agenda items listed for consideration.
5 IRDAI (Policyholders’ Education and Protection Fund) Regulations, 2026
5.1 A presentation was made on the draft regulations to lay down a regulatory framework for the governance, funding and utilisation of the Policyholders’ Education and Protection Fund (PEPF) constituted by IRDAI as per the provisions under the Sabka Bima Sabki Raksha (Amendments to Insurance Laws) Act, 2025 (SBSR Act).
5.2 It was highlighted that the objective was to provide for the establishment of the Fund out of grants, donation and penalties, to administer the PEPF and to utilise towards protection of policyholders’ interests and for promoting, educating, creating awareness among the policyholders and towards financial inclusion.
5.3 Key provisions of the draft regulations were presented. It was further presented that comments received on the draft regulations from the following, have been deliberated and suitably considered:
- Public/Stakeholders Comments on Exposure Draft issued on 23rd June 2026
- Consultations held with Insurance Advisory Committee (IAC) on 21st July 2026
- Comments received from DFS on 27th July 2026.
5.4 After deliberations, the agenda was approved.
6 IRDAI (Manner and Procedure for imposition of penalties) Regulations,2026
6.1 A presentation was made on the draft regulations framed under the provisions of the SBSR Act, 2025 which empowers the Authority to frame Regulations specifying the manner and procedure for imposing penalties.
6.2 It was highlighted that the objective was to lay down the manner and procedure for imposing penalties for defaults or contraventions under the Insurance Act, 1938, the IRDA Act, 1999 or Rules or Regulations or subsidiary instructions made thereunder.
6.3 Key provisions of the draft regulations were presented. It was further presented that the comments received on the draft regulations from the following have been deliberated and suitably considered:
- Public/Stakeholders Comments on Exposure Draft issued on 19th June 2026
- Consultations held with Insurance Advisory Committee (IAC) on 21st July 2026
- Comments received from DFS on 27th July 2026.
6.4 After deliberations, the agenda was approved.
7 IRDAI (Actuarial, Finance and Investment Functions of Insurers) (Second Amendment) Regulations, 2026
7.1 A presentation was made on the draft amendments intended to strengthen the prudential regulatory framework and actuarial oversight, support ease of doing business, rationalisation of regulatory processes and enhancement of operational clarity.
7.2 Key amendments proposed were highlighted. It was further presented that
comments received on the draft regulations from the following, have been deliberated and suitably considered:
- Public/Stakeholders Comments on Exposure Draft issued on 19th June 2026
- Consultations held with Insurance Advisory Committee (IAC) on 21st July 2026
- Comments received from DFS on 27th July 2026.
7.3 After deliberations, the agenda was approved.
8 IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) (Amendment) Regulations, 2026
8.1 A presentation was made on the draft amendments proposed to align the existing regulatory framework with the revised provisions of the Insurance Act,1938 consequent to enactment of SBSR Act and to support ease of doing business, simplification of the regulatory processes, reduction of compliance costs, enhancement of operational clarity, facilitation of capital infusion.
8.2 Key amendments proposed were indicated. It was further presented that comments received on the draft regulations from the following, have been deliberated and suitably considered:
- Public/Stakeholders Comments on Exposure Draft issued on 15th June 2026
- Consultations held with Insurance Advisory Committee (IAC) on 21st July 2026
- Comments received from DFS on 27th July 2026.
8.3 After deliberations, the agenda was approved.
10 IRDAI (Third Party Administrators-Health Services) (Amendment) Regulations, 2026
10.1 A presentation was made on the draft amendments to the regulations on Third Party Administrators (TPAs) to align the regulatory framework governing TPAs with the provisions under the SBSR Act, 2025.
10.2 Key amendments proposed were highlighted. It was further presented that comments received on the draft regulations from the following, have been deliberated and suitably considered:
- Public/Stakeholders Comments on Exposure Draft issued on 19th June 2026
- Consultations held with Insurance Advisory Committee (IAC) on 21st July 2026
- Comments received from DFS on 27th July 2026. 3 After deliberations, the agenda was approved.
11 IRDAI (Insurance Intermediaries) (Amendment) Regulations, 2026
11.1 A presentation was made on the draft amendments to the following regulations to align with the regulatory framework governing Corporate Agents, Insurance Brokers, Insurance Marketing Firms, Web Aggregators and Common Public Service Centers with the SBSR Act, 2025:
- IRDAI (Registration of Corporate Agents) Regulations, 2015
- IRDAI (Insurance Brokers) Regulations, 2018
- IRDAI (Registration of Insurance Marketing Firms) Regulations, 2015
- IRDAI (Insurance Web Aggregators) Regulations, 2017
- IRDAI (Insurance Services by Common Public Service Centers) Regulations, 2019
11.2 It was highlighted that the objective was to support ease of doing business, simplification of regulatory processes for insurance intermediaries and reduction of compliance costs, while also increasing the accountability for the sales persons of the insurance intermediaries, enhancing the oversight of sales practices to mitigate instances of mis-selling and bring transparency in their conduct.
11.3 Key amendments proposed were highlighted. It was further presented that comments received on the draft regulations from the following, have been deliberated and suitably considered:
- Public/Stakeholders Comments on Exposure Draft issued on 19th June 2026
- Consultations held with Insurance Advisory Committee (IAC) on 21st July 2026
- Comments received from DFS on 27th July 2026. 4 After deliberations, the agenda was approved.
12 IRDAI (Insurance Surveyors and Loss Assessors) (Amendment) Regulations, 2026
12.1 A presentation was made on the proposed changes in the regulations on the existing licensing framework for the surveyors and loss assessors arising out of the revised provisions brought about through the SBSR Act facilitating a seamless, transparent registration system with increased operational efficiency.
12.2 It was highlighted that the objective was to reduce operational and compliance burden, facilitate service continuity, support regulatory simplification and support effective regulatory oversight, offsite annual compliance monitoring, and digital service improvements and enhance efficiency within the surveyor ecosystem.
12.3 It was further presented that comments received on the draft regulations from the following, have been deliberated and suitably considered:
- Public/Stakeholders Comments on Exposure Draft issued on 19th June 2026
- Consultations held with Insurance Advisory Committee (IAC) on 21st July 2026
- Comments received from DFS on 27th July 2026. 4 After deliberations, the agenda was approved.
Table Items
1. Annual Statement of Accounts for the year 2024-25
1.1 It was presented that the Statement of Accounts for the year 2024-25 prepared as per the provisions of IRDA Act, 1999 was audited by C&AG and a Preliminary Draft Separate Audit Report dated 8th May 2025 was issued. Response was submitted to C&AG in the matter vide letter dated 27th May 2026. Separate Audit Report on the Annual Accounts of IRDAI for FY 2024-25 was issued by CAG on 21st July 2026.
1.2 Further, as per the communications of DGCA on the audited Annual Accounts of the Authority in the earlier years, the audited Annual Accounts need to be placed before the Authority for consideration and adoption.
1.3 After deliberations, the Annual Statement of Accounts of IRDAI for the year 2024-25 was adopted. The Authority further authorised Chairperson to:
i. Address queries, if any, from C&AG;
ii. Forward the C&AG certified Annual Statement of Accounts of the Authority for the year 2024-25 along with the Separate Audit Report and the Authority’s response, to the Central Government.
iii. Publish observations of C&AG and response of the Authority along with the Separate Audit Report and Annual Accounts 2024-25.
