The Insurance Regulatory and Development Authority of India approved a package of reforms implementing the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, alongside the registration of ProTec General Insurance Limited. Amendments covering insurers’ actuarial, finance, investment, capital and restructuring functions liberalize investment norms, facilitate capital infusions and corporate reorganizations, and streamline share transfers and amalgamations while strengthening actuarial oversight and financial governance. The authority also operationalized the Policyholders’ Education and Protection Fund to support insurance literacy, grievance redressal, technology-enabled services and recovery of unclaimed amounts. Changes for intermediaries require every insurance proposal, policy and certificate to be tagged to the authorized salesperson, replace periodic registration renewals with perpetual registration and annual fees, and strengthen disclosure, governance and conduct requirements. A separate enforcement framework standardizes penalty proceedings, including show-cause notices and reasoned orders. ProTec is the fourth insurer registered in 2026, while two existing insurers have increased foreign ownership above the previous 74% threshold under the new 100% foreign investment limit.
Insurance Regulatory and Development Authority of India2026-07-29
Insurance Regulatory and Development Authority of India advances SBSR Act reforms and registers ProTec General Insurance
The Insurance Regulatory and Development Authority of India approved reforms covering insurer investment, capital, restructuring, policyholder protection, intermediary oversight and enforcement. It also registered ProTec General Insurance, the fourth insurer approved in 2026. Two insurers have raised foreign ownership above the former 74% cap under the new 100% limit.