The Insurance Regulatory and Development Authority of India (IRDAI) on September 14, 2026, notified the Delegation of Powers for Penalties and Directions.
The following has been stated:
• IRDAI has delegated specified powers relating to the imposition of penalties and issuance of directions under the Insurance Act, 1938, regulations and guidelines. Under Section 34 of the Insurance Act, 1938, the power to issue directions to an insurer or insurance intermediary in enforcement proceedings for identified violations has been delegated to the Chairperson, a Whole-Time Member, or specified panels of the Chairperson and/or Whole-Time Members, as decided by the Chairperson.
• The delegated powers also cover imposition of penalties under Sections 102 and 104 of the Insurance Act, 1938, including penalties for failure to furnish documents/statements/returns/reports, non-compliance with directions, failure to maintain solvency margin, non-compliance relating to insurance treaties, and contravention of Sections 27 and 27E. Further, powers under Sections 105C(2) and 105D have been delegated for deciding the quantum of penalty after receipt of an inquiry report from the adjudicating officer.
[Notification No. - IRDAI/DoP/13/227/2026]
