The Insurance Regulatory and Development Authority of India (IRDAI) on June 19, 2026, issued the Draft Insurance Regulatory and Development Authority of India (Insurance Intermediaries) (Amendment) Regulations, 2026, to further amend the IRDAI (Registration of Corporate Agents) Regulations, 2015, IRDAI (Insurance Brokers) Regulations, 2018, IRDAI (Registration of Insurance Marketing Firm) Regulations, 2015, IRDAI (Insurance Web Aggregators) Regulations, 2017, and IRDAI (Insurance Services by Common Public Service Centers) Regulations, 2019.
The following has been stated:
• The draft proposes significant changes to the regulatory framework governing Insurance Marketing Firms (IMFs) and Insurance Web Aggregators (IWAs). A key reform is the shift from periodic renewal of registration to a system where registrations remain valid indefinitely, subject to payment of prescribed annual fees and continued compliance with regulatory requirements. Existing entities will be required to obtain a fresh certificate under the revised framework before the expiry of their current registration.
• For Insurance Marketing Firms, the draft reduces the minimum net worth requirement to ₹5 lakh for applicants operating only in a single aspirational district, while introducing a requirement for Principal Officers and Insurance Sales Persons to undergo 25 hours of training every three years. The Authority is also empowered to impose conditions, restrictions, or limits on the business of IMFs in the interest of policyholders.
• The amendments strengthen disclosure and governance norms by requiring IMFs to maintain policy-wise records linked to individual sales personnel, capture Aadhaar/PAN details in proposal forms, and provide regulatory access to such records. IMFs earning more than ₹10 crore in annual commission shall disclose commission income, related-party transactions, profits, and dividend repatriation details to IRDAI and on their websites. Annual audited financial statements shall also be submitted to the Authority.
• A new fee framework is proposed, including a non-refundable application fee of ₹10,000 and annual fees based on the higher of ₹10,000 or 0.04% (one-twenty-fifth of one percent) of commissions and other insurer-related receipts. Penalties for delayed payment and possible suspension or cancellation of registration for non-payment have also been prescribed.
• For Insurance Web Aggregators, similar reforms are proposed, including perpetual registration subject to annual fees, mandatory maintenance of policy-wise sales records, periodic training requirements for Principal Officers and Authorized Verifiers, and a process for issuance of fresh certificates to existing aggregators.
• The draft also strengthens oversight of insurance intermediaries with majority foreign shareholding by requiring quarterly disclosure of related-party transactions, annual audited financial statements, website disclosures, and compliance with corporate governance requirements under the Companies Act, 2013.
Stakeholders are requested to submit their comments on or before July 10, 2026.
The detailed draft is attached below.
