Summary: The Insurance Regulatory and Development Authority of India (IRDAI), through a notification dated 10 September 2026, has delegated specified powers relating to the imposition of penalties and issuance of directions under the Insurance Act, 1938, applicable regulations and guidelines. The notification has been issued in exercise of the powers conferred by Section 23(1) of the Insurance Regulatory and Development Authority Act, 1999. Under Section 34 of the Insurance Act, 1938, the power to issue directions to an insurer or insurance intermediary in an enforcement proceeding involving identified violations has been delegated to the Chairperson or a Whole Time Member. The power under Section 102 to impose penalties for failures relating to furnishing documents, statements, accounts, returns or reports; compliance with directions; maintenance of solvency margin; and compliance with directions concerning insurance treaties has been delegated to a panel consisting of the Chairperson and one Whole Time Member or two Whole Time Members, as decided by the Chairperson. The notification also covers powers to impose penalties for contraventions of Sections 27 and 27E, powers under Sections 105C(2) and 105D following receipt of an inquiry report from the adjudicating officer, penalties under Regulation 22(6) of the IRDAI (Registration of Corporate Agents) Regulations, 2015, and penalties under Clauses 48–53 of the Guidelines on Insurance Repositories and electronic issuance of insurance policies, 2015. Directions on other matters under Section 34 will continue to 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 |
| 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) with the directions on the insurance |
b. A Whole Time Member; ora. Panel of Chairperson and one Whole Time Member; orb. Panel of two Whole Time Members;as may be decided by the Chairperson for (a) to (d) above. |
| 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) o
IRDAI (Registration of Corporate Agents) Regulations, 2015 |
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]
