The Insurance Regulatory and Development Authority of India (IRDAI) has issued a circular setting transitional arrangements for issuing Certificates of Registration and collecting annual fees from insurance intermediaries following implementation of the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025. The Act amended Section 42D of the Insurance Act, 1938 so that intermediary registrations remain valid on a continuous basis, subject to payment of an annual fee, unless suspended or cancelled by IRDAI. The previous system of a three-year certificate validity period and renewal fee payments was discontinued with effect from 5 February 2026, and intermediaries will now be required to comply with annual fee requirements specified through regulations. As an interim measure for intermediaries granted fresh registration or renewal between 5 February 2026 and 30 June 2026, an interim annual fee is payable at the time the certificate is issued, using the fee structure set out in the circular. Where renewals were granted on or after 5 February 2026 and a renewal fee had already been paid, amounts collected will be adjusted against the interim annual fee and any excess will be refunded; the interim arrangement remains in force until a comprehensive framework for annual fee payments is notified.
Insurance Regulatory and Development Authority of India 2026-03-17
Insurance Regulatory and Development Authority of India sets interim annual fee process for insurance intermediary registrations under the new continuous validity regime
The Insurance Regulatory and Development Authority of India has issued a circular setting transitional arrangements for Certificates of Registration and annual fee collection for insurance intermediaries following amendments under the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025. Intermediary registrations will now remain valid on a continuous basis, subject to payment of an annual fee, replacing the previous three-year validity and renewal regime from 5 February 2026. An interim annual fee framework applies between 5 February and 30 June 2026, with previously paid renewal fees adjusted against interim fees and any excess refunded, pending a comprehensive annual fee framework.