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Informist, Friday, Jul. 31, 2026

MUMBAI – The Insurance Regulatory and Development Authority of India has notified sweeping amendments to regulations governing insurance intermediaries and insurance surveyors and loss assessors, replacing periodic licence renewals with a registration-based regime, introducing annual fee requirements, and tightening governance, disclosure and compliance norms in line with the Insurance Laws (Amendment) Act, 2025.

The amended regulations, published in the Gazette on Jul. 30, come into force immediately. IRDAI said the changes are intended to align the regulatory framework with the amended insurance law, improve operational efficiency, strengthen accountability and transparency among insurance intermediaries, and enhance policyholder protection. 

For insurance surveyors and loss assessors, IRDAI has replaced the licensing framework with a registration system. Existing licences will remain valid until their expiry, after which they must be converted into registrations. Registrations will remain valid indefinitely, subject to payment of annual fees, unless surrendered, suspended or cancelled by the regulator. 

The regulator has prescribed a one-time processing fee of INR 5,000 plus applicable taxes for individual surveyors and INR 25,000 plus taxes for corporate surveyors. Annual fees have been fixed at INR 1,000 plus taxes for individuals and INR 5,000 plus taxes for corporate entities. 

The much larger set of amendments covering insurance intermediaries spans regulations governing corporate agents, brokers and other intermediary categories. For corporate agents, registrations will also become perpetual, subject to annual fee payments instead of periodic renewals. Existing corporate agents holding three-year registrations can apply for new registration certificates by Jan. 31, with a grace period till Mar. 31, on payment of an additional fee. Failure to migrate within the stipulated period will require a fresh registration application. 

The regulator has prescribed a non-refundable application fee of INR 10,000 plus applicable taxes for corporate agents and an annual fee of at least INR 10,000, or a higher amount linked to commission and other receipts from insurers. 

For insurance brokers, the amendments replace the renewal framework with perpetual registration subject to annual fees. Brokers will also be required to tag every policy with details of the qualified person or authorised salesperson responsible for the solicitation, with the same Jan. 1 implementation timeline for the tagging requirement.  End

Reported by Kabir Sharma

Edited by Akul Nishant Akhoury

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