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IRDAI unveils reforms to boost insurance sector, improve policyholder protection
['George Mathew', 'George Mathew Is An Associate Editor With The Indian Express', 'Based In Mumbai. A Veteran Of Financial Journalism With Nearly Three Decades Of Experience', 'He Is One Of The Country S Most Authoritative Voices On Banking', 'Regulation', 'The Corporate Sector. Expertise', 'Focus Areas Mathew S Reporting Covers The Nerve Center Of India S Economy. His Specialized Beats Include', 'The Reserve Bank Of India', 'Rbi', "He Has Tracked The Central Bank'S Policy Evolution Through The Tenures Of Multiple Governors"]
The Indian Express
The Insurance Regulatory and Development Authority of India (IRDAI) has introduced a set of reforms aimed at modernising the insurance sector, strengthening governance and accelerating insurance penetration across the country.
The measures aim to support the implementation of the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 (SBSR Act), the regulator said.
The regulator said the reforms are expected to improve ease of doing business, enhance financial resilience and support insurers’ long-term growth without compromising policyholder interests.
The new regulations establish a transparent, uniform and proportionate enforcement framework under the Insurance Act, 1938, and the IRDAI Act, 1999.
Meanwhile, the regulator granted a Certificate of Registration to ProTec General Insurance Ltd, allowing the company to commence general insurance business under the applicable regulatory framework.