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Core Purpose

The Insurance Regulatory and Development Authority of India has delegated specific powers under Section 34 of the Insurance Act, 1938, as approved in its 135th meeting on March 30, 2026.

Detailed Summary

The Insurance Regulatory and Development Authority of India (IRDAI), in its 135th meeting held on March 30, 2026, exercised powers conferred by sub-section (1) of section 23 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) to delegate its authority under Section 34 of the Insurance Act, 1938. This delegation, effective from April 15, 2026, specifies two categories of powers. Firstly, the power to issue directions to any insurer or insurance intermediary in an enforcement proceeding for identified violations under Section 34 of the Insurance Act, 1938, is delegated to a Panel of two (2) Whole Time Members, constituted by the Chairperson. Secondly, the power to issue directions on any other matter under Section 34 of the Insurance Act, 1938, is delegated solely to the Chairperson. The notification was issued by J. Meena Kumari, Executive Director, from Hyderabad.

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-TL-E-17042026-271877 EXTRAORDINARY PART IIIโ€”Section 4 PUBLISHED BY AUTHORITY No. 270] NEW DELHI, THURSDAY, APRIL 16, 2026/CHAITRA 26, 1948 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III-SEC.4] INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 15th April, 2026 F. No IRDAI /DoP/4/218/2026. - In exercise of the powers conferred by sub section (1) of section 23 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority in the 135th meeting held on 30.03.2026 has delegated its power under Section 34 of Insurance Act 1938. The delegation of powers as approved by the Authority are as under: +-----------------------------------+---------------------------------------------------------------------------------------------------+--------------------------------------------------------------------+ | Section No. | Nature of Power | Power delegated to | +===================================+===================================================================================================+====================================================================+ | Section 34 of | Issuance of directions to any insurer or insurance | Panel of two (2) Whole Time Members, | | the Insurance | intermediary in particular, in an enforcement | constituted by the Chairperson | | Act, 1938 | proceeding for identified violations. | | +-----------------------------------+---------------------------------------------------------------------------------------------------+--------------------------------------------------------------------+ | | Issuance of direction on any other matter under Section | Chairperson | | | 34 of the Insurance Act, 1938. | | +-----------------------------------+---------------------------------------------------------------------------------------------------+--------------------------------------------------------------------+ J. MEENA KUMARI, Executive Director [ADVT.-III/4/Exty./39/2026-27] Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054. SARVESH KUMAR SRIVASTAVA Digitally signed by SARVESH KUMAR SRIVASTAV Date: 2006.04.17

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