The Insurance Regulatory and Development Authority of India (IRDAI), on April 15, 2026, issued a notification delegating its powers under Section 34 of the Insurance Act, 1938, in exercise of powers conferred under Section 23(1) of the IRDAI Act, 1999. This decision was approved during the 135th Authority meeting held on March 30, 2026.
As per the notification, the power to issue directions to insurers or insurance intermediaries in enforcement proceedings for identified violations has been delegated to a panel comprising two Whole Time Members, constituted by the Chairperson. This aims to streamline enforcement actions and enhance regulatory efficiency.
Further, the authority has retained that the power to issue directions on any other matters under Section 34 shall continue to vest with the Chairperson. This delineation ensures clarity in regulatory oversight and decision-making processes within the Authority.
[Notification No. IRDAI/DoP/4/218/2026]
