Summary: The Insurance Regulatory and Development Authority of India (IRDAI), through Notification F. No. IRDAI/DoP/13/227/2026 dated 10 September 2026, has delegated specified powers for imposition of penalties and issuance of directions under the Insurance Act, 1938, Regulations and Guidelines. The delegation has been made in exercise of powers conferred by sub-section (1) of section 23 of the Insurance Regulatory and Development Authority Act, 1999. The delegated matters include issuance of directions under section 34 of the Insurance Act, 1938 to insurers or insurance intermediaries in enforcement proceedings for identified violations; imposition of penalties under section 102 for specified failures relating to furnishing documents, compliance with directions, maintenance of solvency margin and insurance treaties; penalties under section 104 for contravention of sections 27 and 27E; and powers under sections 105C(2) and 105D concerning inquiry reports and determination of penalty quantum. The delegation also covers penalties under Regulation 22(6) of the IRDAI (Registration of Corporate Agents) Regulations, 2015 and clauses 48-53 of the Guidelines on Insurance Repositories and electronic issuance of insurance policies, 2015. These powers may be exercised by the Chairperson, a Whole Time Member, a panel comprising the Chairperson and one Whole Time Member, or a panel of two Whole Time Members, as decided by the Chairperson. Directions on other matters under section 34 remain with the Chairperson.
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
NOTIFICATION
Hyderabad, the 10th September, 2026
F. No IRDAI/DoP/13/227/2026. —In exercise of the powers conferred by sub section (1) of section 23 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority has delegated its powers for imposition of penalties/ issuance of directions under the Insurance Act, 1938/ the Regulations/ Guidelines.
The delegation of powers as approved by the Authority are as under:
| Sl. No. | Sec. No./ Reg.no. | Nature of Power | Power delegated to |
|---|---|---|---|
| 1. | 34 of the Insurance Act, 1938 | Issuance of directions to any insurer or insurance intermediary in particular, in an enforcement proceeding for identified violations. | a. Chairperson; or
b. A Whole Time Member; or a. Panel of Chairperson and one Whole Time Member; or b. Panel of two Whole Time Members; as may be decided bythe Chairperson for (a) to (d) above.
|
| 2. | 102 of the Insurance Act, 1938 | Exercise of power under Sec 102 to impose penalty on any person who fails to (a) furnish any document, statement, account, return or report to the authority, (b) comply with the directions, (c) maintain solvency margin and (d) comply with the directions on the insurance treaties, who is required to do so under the Act or rules or regulations made thereunder | |
| 3. | 104 | Imposition of penalty for contravention of sections 27 and 27E | |
| 4. | 105C(2), 105D | Imposition of penalty on receipt of inquiry report from the adjudicating officer and to decide the quantum of penalty | |
| 5. | Reg. 22 (6) of | 22 (6) –Imposition of penalty for non-compliance of Regulation 22 | |
| 6. | Clause 48-53 of Guidelines on Insurance Repositories and electronic issuance of insurance policies, 2015 | Levy penalty as defined in Guidelines |
Note: Delegation for issuance of direction on any other matter under section 34 of the Insurance Act, 1938 shall remain with the Chairperson in accordance with the decision taken in the 135th meeting of the Authority.
RAJ KUMAR SHARMA, Executive Director
[ADVT.-III/4/Exty./323/2026-27]
