The Insurance Regulatory and Development Authority of India approved certificates of registration for a reinsurer and a general insurer at its 134th meeting and granted in-principle approval to draft and publish regulations needed to align the regulatory framework with the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025. Registration was approved for Allianz Jio Reinsurance Limited and Kiwi General Insurance Limited, enabling them to undertake business in accordance with the applicable regulatory framework. The meeting also considered the regulatory changes required by the SBSR Act, which was notified on 21 December 2025 and has been in force since 5 February 2026, and which amends the Insurance Act, 1938 and the IRDA Act, 1999, requiring new regulations and amendments to existing regulations, including updates to funding and finance rules. Next, the Authority will draft and publish the SBSR Act-related regulations for stakeholder consultation.
Insurance Regulatory and Development Authority of India 2026-03-09
Insurance Regulatory and Development Authority of India approves registration for Allianz Jio Reinsurance and Kiwi General Insurance and greenlights draft SBSR Act regulations for consultation
The Insurance Regulatory and Development Authority of India approved registration for Allianz Jio Reinsurance Limited and Kiwi General Insurance Limited, allowing them to operate under the current regulatory framework. The Authority also granted in-principle approval to draft regulations aligning with the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, which amends the Insurance Act, 1938, and the IRDA Act, 1999.