Full Text
REGD. No. D. L.-33004/99
The Gazette of India
CG-TL-E-30072026-274988
EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
No. 479]
NEW DELHI, THURSDAY, JULY 30, 2026/SHRAVAN 8, 1948
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
NOTIFICATION
Hyderabad, the 30th July, 2026
Insurance Regulatory and Development Authority of India (Insurance Intermediaries)
(Amendment) Regulations, 2026
F. No. IRDAI/Reg/ 8/222/2026.—In exercise of the powers conferred by sub-section (2) of
section 114A read with sections 42D and 42E, sub sections (5) and (6) of section 2C of the Insurance
Act, 1938 (4 of 1938) and sections 14 and 26 of the Insurance Regulatory and Development Authority
Act, 1999 (41 of 1999), the Authority, in consultation with the Insurance Advisory Committee, hereby
makes the following regulations, namely:-
1. Short Title and commencement:
1.1. These Regulations may be called the Insurance Regulatory and Development Authority of India
(Insurance Intermediaries) (Amendment) Regulations, 2026.
1.2. These Regulations shall come into force on the date of their publication in the Official Gazette.
2. Objective:
2.1 The objective of these regulations is to align the regulatory framework governing insurance
intermediaries with the provisions of the Sabka Bima Sabki Raksha (Amendment of Insurance
Laws) Act, 2025 and the Indian Insurance Companies (Foreign Investment) Amendment
Rules, 2025.
2.2 To enhance accountability and transparency in the conduct of insurance intermediaries and
safeguarding policyholder's interests.
CHAPTER I
Amendment to IRDAI (Registration of Corporate Agents) Regulations, 2015
(1) In regulation 4, sub-regulation (3) shall be substituted, namely:-
"The application under sub-regulation (2) shall be accompanied by application fees as specified in
Schedule VI."
(2) In regulation 7, sub-regulation (3),
a) clause (c) shall be omitted.
b) clause (d) shall be omitted.
c) clause (e) shall be omitted.
(3) In regulation 9, sub-regulation (3) shall be substituted, namely:-
"In the event that a Certificate of Registration issued under these Regulations, or under the regulations
in force prior to the notification of these Regulations, is cancelled or surrendered, or where an
application for registration under these Regulations, or an application for issuance of a fresh
Certificate of Registration by an existing Corporate Agent, is rejected for the reasons specified
therein, the applicant may submit a fresh application only after the expiry of one year from the
effective date of such cancellation, surrender, or rejection, as the case may be.
The Authority may consider such fresh application on its merits in accordance with Regulation 7.
Provided that where the registration has been cancelled under sub-clause (2) of Clause III of
Schedule V, the requirement of a one-year waiting period under this regulation shall not apply."
(4) Regulation 10, shall be substituted, namely:-
"Validity of registration- A registration once issued shall remain in force subject to payment of non-
refundable annual fee as specified in Schedule VI until it is suspended, or cancelled by the Authority
or surrendered by the Corporate Agent."
(5) Regulation 11, shall be substituted, namely:-
"Procedure for issuance of fresh certificate to the existing Corporate Agents
(1) A Corporate Agent granted registration prior to the commencement of these amendment
regulations with a validity period of three years shall, at any time prior to 31st January 2027, apply to
the Authority in Form A for issuance of Certificate of Registration under these regulations, along with
payment of annual fee as specified in Schedule VI.
Provided that the Certificate of Registration so issued shall take effect from the date on which
registration is granted under this regulation, and any Certificate of Registration issued prior
thereto shall be deemed invalid.
Provided that where a Corporate Agent fails to submit the application before 31st January 2027, it
may submit the application by 31st March 2027 along with reasons for such delay and payment of
the applicable annual fee and an additional fee of seven hundred and fifty rupees, and the Authority
may, if satisfied that undue hardship would be caused otherwise, consider such application.
Provided further that where the application is not submitted by the Corporate Agent by 31st March
2027, it shall cease to act as a Corporate Agent on and from the expiry of the aforementioned period
and thereafter, the Corporate Agent shall apply afresh for registration in accordance with
regulation 4.
(2) An application under sub-regulation (1) shall be processed in the manner specified under
regulation 6 and regulation 7.
(3) The Authority, upon being satisfied that the applicant complies with the requirements under these
regulations, may issue a Certificate of Registration in Form B."
(6) In Regulation 12,
a) sub-regulation (1), the words “renewal thereof" and "or renew” shall be omitted.
b) sub-regulation (2), the words "or renew” shall be omitted.
(7) In Regulation 13, sub-regulation (1), the words "of a renewal thereof" shall be omitted.
(8) In Regulation 14,
a) opening line, the words "the renewal" shall be omitted.
b) clause (v), shall be substituted, namely:-
"Every Corporate Agent shall ensure that no insurance solicitation shall be carried out from a
branch office unless a Specified Person, who is assigned exclusively to that branch, has been
appointed and each of its branch offices employs adequate number of Specified Persons
commensurate with the volume of its business, including the number of members enrolled under
group policies.”
c) clause (vi), shall be substituted, namely:-
"The Corporate Agent shall maintain records of all insurance policies solicited through it, including
the name and functional identity of the Specified Person/ Point of Sales Person/ Designated
Person/ Authorised Verifier or any other authorised salesperson who sold the policy. The
functional identity of such persons shall be assigned by the Corporate Agent based on a
unique identity issued by the Central Government. The Corporate Agent shall ensure that such
records are maintained in a manner that enables the Authority to access them remotely.
The proposal form, insurance policy and Certificate of Insurance shall record the name and
functional identity of Specified Person/ Point of Sales Person/ Designated Person/
Authorised Verifier or any other authorised salesperson who sold the policy along with the mobile
number and email address of the branch or office through which the policy was solicited.
Provided that, where a policy is solicited directly through the digital platform of the Corporate
Agent, without the involvement of a Specified Person, Point of Sales Person, Designated Person,
Authorised Verifier, or any other authorised salesperson, the proposal form, insurance policy
document, and certificate of insurance shall disclose the telephone number and email address of
the Principal Officer of Corporate Agent.
Provided further that the requirements relating to tagging under this clause shall be applicable
with effect from 1st January, 2027.
Explanation: 'Point of Sales Person' or 'Designated Person' or 'other Authorised Salesperson'
shall have the same meaning as assigned to it by the Authority in the concerned regulatory
instructions."
d) after clause (ix), following clause shall be inserted, namely:-
"(x) Principal Officer and Specified Persons shall complete, at least twenty-five hours of
theoretical and practical training, from an approved institution every three years."
e) after clause (x), following clause shall be inserted, namely:-
"(xi) The Specified Persons engaged by Corporate Agent to solicit and procure insurance
business shall have a valid Letter of Enrollment issued by the Authority as specified in these
regulations."
f) after clause (xi), following clause shall be inserted, namely:-
"(xii) A Specified Person of a Corporate Agent who desires to switch over to any other Corporate
Agent, shall obtain a no objection certificate from the current Corporate Agent. In case, the
current Corporate Agent does not issue a no objection certificate within 30 days or does not
raise any objection explicitly, it shall be deemed that the said Corporate Agent has no objection
to the switching over of the Specified Person."
g) after clause (xii), following clause shall be inserted, namely:-
"(xiii) The Corporate Agent shall furnish accurate and complete regulatory returns, reports, and
any other information sought by the Authority, in such form and manner as may be specified
by the Authority from time to time. Any Corporate Agent that fails to comply with this requirement
shall be liable to a penalty in accordance with the provisions of Section 102 of the Act."
h) after clause (xiii), following clause shall be inserted, namely:-
"(xiv) The Authority may, in the interest of policyholders, orderly growth of the insurance business,
impose such conditions on the business of a Corporate Agent as may be deemed necessary at
the time or after the grant of Certificate of Registration under these regulations."
(9) Regulation 17 shall be substituted, namely:-
"Nomenclature of Corporate Agent and Associations
(1) An Applicant whose principal business is to exclusively carry on insurance intermediation as
Corporate Agent shall have the word “insurance” or “assurance", in the name of the Corporate Agent.
(2) Any association/body of Corporate Agents may use the word “insurance” or “assurance", to
indicate the nature of its organization, purposes and services.”
(10) In Regulation 19, sub-regulation (1) shall be substituted, namely:-
"Every Corporate Agent, where the revenues from their insurance intermediation activities is more
than fifty per cent of their total revenue from all the activities, shall take out and maintain at all times
a professional indemnity insurance cover while the Certificate of Registration remains in force."
(11) In Regulation 22, sub-regulation (5), the words "certificate number" shall be substituted with
"enrollment number".
(12) In Regulation 25
a) clause (iii) of sub-regulation (2), shall be substituted, namely:-
"Further, the Corporate Agent shall file with the Authority the complete details of Authorised
Verifiers engaged/ proposed to be engaged in the format as specified by the Authority from time
to time. The Authority on verification of the same issue a Letter of Enrollment to the Authorised
Verifier as specified in these Regulations."
b) Clause (iv) of sub-regulation (2), shall be substituted, namely:-
"In case an Authorised Verifier intends to switch to another telemarketer who is also dealing
with insurance intermediation, they shall obtain a No Objection Certificate from the erstwhile
telemarketer and submit the same to the Authority for issuing a fresh Letter of Enrollment. In
case, the present telemarketer does not issue a no objection certificate within 30 days from the
date of application for the same, it shall be deemed that the telemarketer has no objection to his
switching over;"
c) Clause (v) of sub-regulation (2), shall be omitted.
d) Clause (vi) to (xii) shall be renumbered as clause (v) to (xi)
e) the following sub-regulation shall be inserted after sub-regulation (3), namely:
"(4) Authorised Verifiers shall pass in the pre-recruitment test conducted by the examination
body nominated by the Authority, and complete practical training from a training institution
approved by the Authority."
(13) In Regulation 26, sub-regulation (2) the words "which may extend to one crore rupees" shall be
omitted.
(14) In Regulation 31, sub-Regulation (2), shall be substituted, namely:-
"In the case of Corporate Agents whose principal business is other than insurance intermediation,
there shall be a schedule to their financial statements, of revenues received for insurance
intermediation and other income/receipts from insurers. A copy of the audited financial statements
along with the auditor's report thereon shall be submitted to the Authority before 30th September
every year."
(15) In Regulation 31, after sub-Regulation (3), following shall be inserted:-
"(4) A Corporate Agent having majority shareholding of foreign investors or earning commission in a
financial year exceeding rupees ten crore, shall disclose and continue to disclose on an annual basis
to the Authority, details of commission earned, related party transactions, profits and dividend
declared and paid in the form and manner as specified by the Authority from time to time. The
Corporate Agent shall also publish these disclosures on its website in the form and manner as
specified by the Authority."
(16) In Schedule I, Form A,
a) In the Note to Sl. No.7, the words "Regulation 17" shall be substituted with "Schedule VI"
b) the Declaration (e), shall be substituted, namely:-
"(e) I/We undertake to service the run-off business on the books at the time of cancellation or
suspension or surrender of registration."
(17) In sub clause (b) of clause A of Annexure 2, the words "Regulation 17" shall be substituted by
"Schedule VI"
(18) In Schedule III, the sub clause (a) of the clause 3 (i) of clause II. Pre-sale Code of Conduct, shall be
substituted, namely:-
"(a) identify himself and disclose his Registration/ Certificate / Letter of Enrollment issued by the
Authority or Approved Institution as the case may be, to the prospect on demand;"
(19) In Schedule V, clause III, shall be substituted, namely:-
"III. Suspension or Cancellation of Certificate of Registration of a Corporate Agent without
notice
1. The Registration of a Corporate Agent may be cancelled or suspended without notice, provided
the Authority has communicated to the Corporate Agent the reasons for the cancellation in
writing:
(i) if it is found guilty of fraud, or is convicted of a criminal offence;
(ii) commits such defaults, which require immediate action in the opinion of the Authority;
2. The Certificate of Registration of a Corporate Agent shall stand suspended under clause (v) of
sub-section (6) of Section 42D of the Act with effect from 1st April of the financial year for which
the annual fee is payable, where the Corporate Agent fails to pay the annual fee within the time
period specified in Schedule VI. The Authority shall communicate the reasons for
such suspension in writing to the Corporate Agent.
The Authority may revoke the suspension if the Corporate Agent pays the annual fee specified
in Schedule VI, together with an additional fee equal to twenty per cent of the annual fee, within
three months from the date of suspension.
Where the Corporate Agent fails to pay such annual fee and additional fee within three
months from the date of suspension, the Certificate of Registration shall stand cancelled in
accordance with clause (v) of sub-section (6) of Section 42D of the Act.
The procedure to be followed while initiation of Action against the Corporate Agent under this
regulation is as specified in clauses (4) and (5) of Part II above."
(20) After Schedule V, Schedule VI shall be inserted namely:-
Schedule VI
[See regulation 4 & 11]
Insurance Regulatory and Development Authority of India (Registration of Corporate Agents)
Regulations, 2015
Instruction for Payment of fees and the consequences of failure to pay fees —
(1) Every applicant shall at the time of application of registration under regulation 4 pay non-refundable
application fee of Rs. 10,000/- plus applicable taxes. The fees shall be payable by recognized
electronic funds transfer to Insurance Regulatory and Development Authority of India, as specified.
No application shall be processed without the application fee.
(2) Upon receipt of communication for grant of registration under Regulation 4 or Regulation 11, the
applicant shall pay the annual fee of Rs. 10,000/- plus applicable taxes for ongoing financial year
within 15 days of receipt.
(3) Upon receipt of the annual fee inter-alia, the Authority shall grant registration to act or continue to
act as a Corporate Agent under the category for which the application has been made.
(4) A Corporate Agent granted a Certificate of Registration under Regulation 4 or Regulation 11 shall
thereafter pay an annual fee plus applicable taxes, for every financial year to the Authority before
the 31st day of January of the preceding financial year, as specified in (5) below.
(5) The annual fee shall be higher of:
a. Rupees ten thousand; or
b. One-twenty fifth of one per cent of the commission and other receipts from Insurers during the
financial year preceding the year in which the annual fee is payable, rounded off to the next thousand.
(6) If the Corporate Agent fails to pay the annual fee before the specified date the Competent Authority
may accept the payment of annual fee along with an additional fee plus applicable taxes of -
a. Two percent of the annual fee if the fee is paid within 30 days after the expiry of the last date of
payment of annual fee; or
b. Ten percent of the annual fee if the fee is paid after 30 days after the last date of payment of
annual fee but before the end of financial year in which the annual fee was required to be paid.
Where the Corporate Agent has failed to pay the fee before the end of the financial year in which it is
due to be paid, Certificate of Registration may be suspended or cancelled as specified under these
regulations.
The annual fee plus applicable taxes shall be remitted in the electronic mode as specified by the
Authority.
Explanation: Commission means any compensation including remuneration, or reward or any
incentive, by whatever name called, paid by an insurer to the Corporate Agent as applicable, for
soliciting or procuring or transacting insurance business. For the purpose of calculating the annual
fee, the commission received by the Corporate Agent shall be as stated in its audited financial
statements.
Other receipts include any receipts towards services provided for branding, marketing, advertising,
publicity and promotional activities, including web branding, branch branding, display fees, logo fees
and similar brand visibility initiatives, as well as business support and shared service costs.
(7) Applicants granted a Certificate of Registration (CoR) under Regulation 4, where the validity of
such CoR commences during the period from 31st January to 31st March of any financial year, shall,
in addition to the annual fee payable at the time of grant of CoR for the ongoing financial year, also
pay the annual fee as specified in (5) for the immediately succeeding financial year.
(8) Applicants granted a Certificate of Registration (CoR) under Regulation 11, where the registration
is obtained during the period from 31st January 2027 to 31st March 2027, shall, in addition to the
annual fee of Rs.10,000/-, and an additional fee of seven hundred and fifty rupees payable, plus
applicable taxes at the time of grant of CoR for the ongoing financial year, also pay the annual fee
as specified in (5) for the immediately succeeding financial year.
(21) In Schedule VII,
a) Sub-clause (ii) of Clause 5 of Part I, shall be substituted, namely:-
"The Authorized Verifiers shall be employees of the Telemarketer and they shall be assigned to the
Corporate Agent for the purpose of sale of insurance products."
b) Sub-clause (iv) of Clause 5 of I, shall be omitted.
(22) Annexure 3 shall be omitted.
(23) After Annexure 3, 'Certificate to act as a Specified Person for a Corporate Agent' shall be substituted
with 'Letter of Enrollment of Specified Person or Authorised Verifier', namely:-
“INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (Registration of
Corporate Agents) Regulations, 2015
Letter of Enrollment of Specified Person or Authorised Verifier for a Corporate Agent
Enrollment No...........
Name of Corporate Agent:.........
Address:
Registration No.
Category of Registration:
Name of the Certificate Holder:
Address:
Having undergone the prescribed training and passing of the examination is hereby enrolled to act as
Specified Person or Authorised Verifier of the above named Corporate Agent for servicing, procuring or
soliciting insurance business.
Place:
Date:
Authorized signatory "
(24) For Form B, following form shall be substituted, namely:-
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (Registration of
Corporate Agents) Regulations, 2015
FORM B
[See regulations 9 & 11]
Certificate of Registration
Registration No: CA
In exercise of the powers conferred by sub-section (1) of section 42D of the Insurance Act, 1938 (4 of
1938) the Authority hereby grants a Certificate of Registration to ........... to act as Corporate Agent
(Category) under the Insurance Act, 1938.
The Certificate of Registration shall be subject to conditions imposed by the Authority and the provisions
of IRDAI (Registration of Corporate Agents) Regulations, 2015.
This Certificate of Registration shall be valid from DD/MM/YYYY and shall remain in force subject to
payment of annual fee, until it is suspended, or cancelled by the Authority.
(QR Code)
Place:
Date :
By Order
For and on behalf of
Insurance Regulatory and Development Authority of India
(25) Form C shall be omitted.
(26) Form B, the form of Duplicate Certificate of Registration shall be omitted.
(27) Annexure 5 shall be omitted.
(28) For Schedule AA, following Schedule shall be substituted, namely:-
Insurance Regulatory and Development Authority of India (Registration of Corporate Agents)
Regulations, 2015
3 [SCHEDULE – AA]
(See Regulation 8A)
Undertaking from an insurance intermediary that has majority shareholding of foreign investors
I. ..........(name of person), Chief Executive Officer (CEO) / Principal Officer (PO) / Managing Director
of................
(name of insurance intermediary), undertake the following:
1. .......... (name of insurance intermediary) is incorporated as a limited company under the provisions of
the Companies Act, 2013;
2. .......... (name of person), Chairman of the Board of Directors or .......... (name of person) Chief
Executive Officer / Principal Officer / Managing Director of the insurance intermediary (strike out
whichever is not applicable) is a resident Indian Citizen;
3. shall bring in the latest technological, managerial and other skills;
Signature of the PO/ CEO/ Managing Director
CHAPTER II
Amendment to the Insurance Regulatory and Development Authority of India (Insurance Brokers)
Regulations, 2018
(1) Throughout the Regulations,
a) For the word “intermediary”, wherever it occurs, the words “insurance intermediary” shall be
substituted.
b) For the words “Foreign investor”, wherever they occur, the words “foreign promoter/
investor" shall be substituted, unless the context otherwise requires.
(2) Heading of Chapter-II shall be substituted, namely:-
"Registration and issuance of fresh Certificate of Registration"
(3) Regulation 9, shall be substituted, namely:-
"1) The payment of fees and consequence of failure to pay fees shall be as specified under
Schedule I – Form D."
(4) In Regulation 10, sub-regulation (5), the word, “renewal” shall be substituted with the words,
"renewal/application for issuance of fresh Certificate of Registration to the existing insurance brokers
under Regulation 14" and the words, "and such Order is upheld by the Securities Appellate Tribunal
or any Court of Law", shall be omitted.
(5) Regulation 11, sub-regulation 1 shall be substituted, namely:-
"A Certificate of Registration once issued shall remain in force subject to payment of non-refundable
annual fee as specified in Schedule I – Form D, until it is suspended or cancelled by the Authority or
surrendered by the insurance broker."
(6) In Regulation 13, the opening paragraph shall be substituted, namely:-
"The registration granted under these regulations shall, inter alia, be subject to the following
conditions."
(7) Regulation 13, sub-regulation 6 shall be substituted, namely:-
"The insurance broker shall maintain records of all insurance policies solicited through it, including
the name and functional identity of the Broker Qualified Person/Point of Sales Person/Designated
Person/Authorised Verifier/any other authorised salesperson who sold the policy. The functional
identity of such persons shall be assigned by the insurance broker based on a unique identity issued
by the Central Government. The insurance broker shall ensure that such records are maintained in
a manner that enables the Authority to access them remotely.
The proposal form, insurance policy and Certificate of Insurance shall record the name and functional
identity of Broker Qualified Person/Point of Sales Person/ Designated Person/Authorised Verifier or
any other authorised salesperson who sold the policy along with the mobile number and email
address of the branch or office through which the policy was solicited.
Provided that, where a policy is solicited directly through the digital platform of the insurance broker,
without the involvement of a Broker Qualified Person, Point of Sales Person, Designated Person,
Authorised Verifier, or any other authorised salesperson, the proposal form, insurance policy
document, and certificate of insurance shall disclose the telephone number and email address of the
Principal Officer of the insurance broker.
Provided further that the requirements relating to tagging under this clause shall be applicable with
effect from 1st January, 2027.
Explanation: "Point of Sales Person" or 'Designated Person' or 'other Authorised Salesperson' shall
have the same meaning as assigned to it by the Authority in the concerned regulatory instructions."
(8) In Regulation 13, sub-regulation 10 shall be inserted, namely:-
"The Authority may, in the interest of policyholders, orderly growth of the insurance business, impose
such conditions on the business of an insurance broker as may be deemed necessary at the time or
after the grant of Registration under these regulations."
(9) Heading of Part --B shall be substituted, namely:-
"Procedure for issuance of fresh Certificate of Registration to the existing Insurance Brokers"
(10) In Regulation 14:
(a) The heading, “Renewal of Certificate of Registration" shall be substituted with "Procedure
for issuance of fresh Certificate of Registration to the existing Insurance Brokers"
(b) Sub-regulation (1) shall be substituted, namely:
"An Insurance Broker granted registration prior to the commencement of these amendment
regulations with a validity period of three years shall, at any time, prior to 31st January, 2027,
apply to the Authority in Schedule I – Form B for issuance of Certificate of Registration under these
regulations, along with payment of annual fee, as specified in Schedule I – Form D.
Provided that the Certificate of Registration so issued shall take effect from the date on which
registration is granted under this regulation, and any Certificate of Registration issued prior
thereto shall be deemed invalid.
Provided that where an Insurance Broker fails to submit the application before 31st January 2027,
it may submit the application by 31st March, 2027 along with reasons for such delay and payment
of the applicable annual fee and an additional fee of seven hundred and fifty rupees, plus
applicable taxes, and the Authority may, if satisfied that undue hardship would be caused
otherwise, consider such application.
Provided further that where the application is not submitted by the insurance broker by 31st March
2027, it shall cease to act as an insurance broker on and from the expiry of the aforementioned
period and thereafter the insurance broker shall apply afresh for registration in accordance with
regulation 5."
(c) In sub-regulation (3), the words, “renewal of” shall be substituted with the word “fresh” and the
words, "renewal training" shall be substituted with the word "training".
(d) In sub-regulation (4), the words, "for renewal" shall be omitted.
(e) In sub-regulation (8) the words, “renewal of the” shall be substituted with the words "issuance of
fresh", the word, "renew” shall be substituted with the word, "issue" and the words, "Schedule I –
Form L for a period of three years" shall be substituted with the words "Schedule I – Form J".
(f) In sub-regulation (9) the words, “renewal application” shall be substituted with the words
"application for issuance of fresh Certificate of Registration to the existing insurance brokers" and the
words, "Schedule I - Form M" shall be substituted with the words "Schedule I – Form C".
(11) Regulation 15 heading shall be substituted, namely:-
"Procedure where fresh Certificate of Registration to the existing insurance brokers is not issued"
(12) In Regulation 15, sub-regulation (1) the word, "renewal” shall be substituted with the words,
"issuance of fresh Certificate of Registration to the existing insurance brokers"
(13) Regulation 16 heading shall be substituted, namely:-
"Effect of refusal to issue fresh Certificate of Registration"
(14) In Regulation 16, sub-regulation (1) the word, “renewal” shall be substituted with the words,
"issuance of fresh Certificate of Registration to the existing insurance brokers"
(15) In Regulation 17, sub-regulation (2), the words, “Schedule I Form Q with an endorsement
thereon that it is a duplicate” shall be substituted with the words, "Schedule I – Form J”.
(16) Regulation 18, sub-regulation (1) shall be substituted, namely:-
"The insurance brokers shall have the word 'Insurance Broker'/ 'Insurance Brokers'/ 'Insurance
Broking'/ 'Assurance Broker'/ 'Assurance Brokers'/ 'Assurance Broking' in the name of the Insurance
Broker to reflect their line of activity and to enable the public to differentiate insurance brokers
registered with the Authority from other non-registered insurance related entities."
(17) In Regulation 18, sub-regulation (3), the words, “validity period of the registration” shall be
omitted.
(18) In Regulation 18, sub-regulation (5), shall be inserted, namely:-
"Any association/body of insurance brokers may use the word 'Insurance' or 'assurance' to indicate
the nature of its organization, purposes and services."
(19) In Regulation 24, the words, “throughout the validity of the period of the Certificate of Registration
issued to them by the Authority" shall be substituted with the words, "while the Certificate of
Registration remains in force””
(20) In Regulation 34, sub-regulation 9 shall be omitted.
(21) In Regulation 34, sub-regulation (10) shall be inserted, namely:-
"Insurance Broker having majority shareholding of foreign investors or earning commission in a
financial year exceeding rupees ten crore shall disclose and continue to disclose on an annual basis
to the Authority, details of commission earned, related party transactions, profits and dividend
declared and paid in the form and manner as specified by the Authority from time to time. The
insurance broker shall also publish these disclosures on its website in the form and manner as
specified by the Authority."
(22) In Regulation 39, sub-regulation 1(d) shall be omitted.
(23) In Regulation 39, sub-regulation (2), the words, “under Authority's Business Analytical Project"
shall be substituted with the words, "by the Authority from time to time".
(24) In clause (k) of sub regulation (1) of Regulation 49, the words, “the fees” shall be omitted.
(25) In Regulation 50, sub-regulation (3) shall be inserted, namely:-
"The Certificate of Registration of an insurance broker shall stand suspended under clause (v) of sub-
section (6) of Section 42D of the Act with effect from 1st April of the financial year for which the annual
fee is payable, where the insurance broker fails to pay the annual fee within the time period specified
in Schedule I – Form D. The Authority shall communicate the reasons for such suspension in writing
to the insurance broker.
The Authority may revoke the suspension if the insurance broker pays the annual fee specified in
Schedule I-Form D, together with an additional fee equal to twenty per cent of the annual fee, within
three months from the date of suspension.
Where the insurance broker fails to pay such annual fee and additional fee within three months from
the date of suspension, the Certificate of Registration shall stand cancelled under clause (v) of sub-
section (6) of Section 42D of the Act.
Provided that if the Certificate of Registration is cancelled, the requirement of a one year waiting period
under these regulations shall not apply."
(26) In Schedule I, Form B:
(a) The heading shall be substituted namely: SCHEDULE I – Form B (see regulation 5(1) and
14(1))
(b) In point 2.7, the words, “Representing Indian Promoter/Indian Investor/Foreign Investor” shall
be substituted with the words, "Representing Indian Promoter/Indian Investor/Foreign
promoter/Foreign Investor"
(c) Under "Note:", the words, "depending on the category applied for" shall be omitted, the
words, "Demand Draft no." shall be substituted with the words, "Transaction no." and the words,
"Other modes of payment" shall be omitted.
(d) The words, “non-renewal of registration” shall be substituted with the words, "suspension or
surrender of registration".
(27) In Schedule I, Form C,
(a) The heading shall be substituted, namely:-
"SCHEDULE I – Form C (see regulation 5(3) and 14(9))"
(b) Sl. No. A.b shall be substituted, namely:-
"Remittance of requisite fee through electronic mode, as specified under Regulation 9 of these
Regulations"
(C) In Sl. No. A, after clause (o), clause (p)shall be inserted, namely:-
"Undertaking as per Schedule I – Form O."
(28) Schedule I – Form D shall be substituted, namely.
SCHEDULE I - Form D
(see regulation 5(4), 9 and 14)
Instruction for Payment of fees
1. Every applicant shall at the time of application of registration under regulation 5 pay non-refundable
application fee as set out below, plus applicable taxes.
+---------------------------+-----------------------------------+
| Category of Insurance broker | Amount of application processing fee |
| | payable |
+===========================+===================================+
| Direct broker | Rs.25,000 |
+---------------------------+-----------------------------------+
| Reinsurance broker | Rs.50,000 |
+---------------------------+-----------------------------------+
| Composite broker | Rs.75,000 |
+---------------------------+-----------------------------------+
2. The Authority shall not process any application which is not accompanied by the required fees.
3. Upon receipt of communication for grant of registration under Regulation 5 or Regulation 14 the
applicant shall pay the annual fee of Rs. 10,000/- plus applicable taxes for ongoing financial year
within 15 days of receipt.
4. Further, upon receipt of the annual fee, inter-alia, the Authority shall grant registration to act or
continue to act as an insurance broker under the category for which the application has been made.
5. An insurance broker granted a Certificate of Registration under Regulation 5 or Regulation 14 shall
thereafter pay, an annual fee for every financial year to the Authority before 31st day of January of
the preceding financial year, as specified in (6) below, plus applicable taxes
6. The annual fee shall be higher of:
a. Rupees ten thousand; or
b. One-twenty fifth of one per cent of the commission and other receipts from Insurers/clients during
the financial year preceding the year in which the annual fee is payable, rounded off to the next
thousand.
7. If the insurance broker fails to pay the annual fee before the specified date, the Competent Authority
may accept the payment of annual fee along with an additional fee, plus applicable taxes, of -
a. Two percent of the annual fee if the fee is paid within 30 days after the expiry of the last date of
payment of annual fee; or
b. Ten percent of the annual fee if the fee is paid after 30 days after the last date of payment of
annual fee but before the end of financial year in which the annual fee was required to be paid.
Where the insurance broker has failed to pay the fee before the end of the financial year in which it
is due to be paid, Certificate of Registration may be suspended or cancelled as specified under these
regulations.
The application processing fee and annual fee shall be remitted in the electronic mode in the manner
as specified by the Authority.
Explanation: Commission means any compensation including remuneration, or reward or any
incentive, by whatever name called, paid by an insurer to the insurance broker as applicable, for
soliciting or procuring or transacting insurance business. For the purpose of calculating the annual
fee, the commission received by the insurance broker shall be as stated in its audited financial
statements.
Other receipts include any receipts towards services provided for branding, marketing, advertising,
publicity and promotional activities, including web branding, branch branding, display fees, logo fees
and similar brand visibility initiatives, as well as business support and shared service costs and fees
for claims consultancy, risk management and other similar services.
8. Applicants granted a Certificate of Registration under Regulation 5, where the validity of such
Certificate of Registration commences during the period from 31st January to 31st March of any
financial year, shall, in addition to the annual fee payable at the time of grant of Certificate of
Registration for the ongoing financial year, also pay the annual fee for the immediately succeeding
financial year.
9. Applicants granted a Certificate of Registration (CoR) under Regulation 14, where the registration is
obtained during the period from 31st January, 2027 to 31st March, 2027, shall, in addition to the annual
fee of Rs. 10,000/-, and an additional fee of seven hundred and fifty rupees payable, plus applicable
taxes at the time of grant of CoR for the ongoing financial year, also pay the annual fee as specified
in (5) for the immediately succeeding financial year.
(29) Schedule I - Form J shall be substituted, namely.
Schedule I - Form J
See Regulation (10 and 14)
Certificate of Registration
Registration No:
In exercise of the powers conferred by sub-section (1) of Section 42D of the Insurance Act, 1938 (4
of 1938) the Authority hereby grants a Certificate of Registration to (name of insurance broker) to act
as (category of insurance broker) Insurance broker under the Act.
The Certificate of Registration shall be subject to conditions imposed by the Authority and the
provisions of IRDAI (Insurance Brokers) Regulations, 2018.
The Certificate of Registration shall be valid from DD/MM/YYYY and shall remain in force subject to
payment of annual fee, until it is suspended or cancelled by the Authority
[QR code]
Place :
Date:
By Order
For and on behalf of Insurance Regulatory
and Development Authority of India
(30) Schedule I – Form K shall be omitted.
(31) Schedule I – Form L shall be omitted.
(32) Schedule I – Form M shall be omitted.
(33) In Schedule I Form N, the words, "renewal application” shall be substituted with the words
"submission of application".
(34) Schedule I – Form O shall be substituted, namely:-
SCHEDULE I - Form O
(see regulation 14(9) and regulation 5(3))
Undertaking Format
Ref. No.
Date
Insurance Regulatory and Development Authority of India
HYDERABAD
Sir,
UNDERTAKING
We hereby submit the following undertaking and confirm as under that:
1. There is no intervention by any other Regulatory Authority on the Promoters / Management/Applicant
Company as on the date (If there is any intervention, details of the intervention to be furnished).
2. The company has _ no. of persons in employment as on date and will ensure to employ a minimum
of 2 broker qualified persons in employment, during the process of application, who have the
necessary qualifications specified in Schedule I - Form-E and necessary experience to conduct the
business of insurance broker under Reg. 8(2)(c).
3. No Director / Partner / Principal Officer / Employee / person directly or indirectly connected with the
Applicant Company, has been refused in the past the grant of a registration by the Authority.
4. The Principal Officer and Broker qualified persons have not violated / will not violate the code of conduct
as specified under Schedules I- Form H and Form-l, whichever is applicable, of the IRDAI (Insurance
Brokers) Regulations, 2018.
5. The Applicant has complied with / will comply with Regulation 8(2) (j) confining to Main Objects of
the Memorandum of Association filed with the Authority.
6. The Principal Officer is appointed exclusively to carry out the functions of the Insurance Broker under
Regulation 4 of IRDAI (Insurance Brokers) Regulations, 2018 and is neither holding any full-time
Directorship / Employment / Assignment in nor represents, either on full time or on part time basis,
any other Insurance related or any other entity.
7. The directors / partners and employees of the company holding any directorship / employment in or
representing any other insurance related entity do not have conflict of interests.
8. The Office Premises of the Insurance Broker and its branches are and will be exclusively used for
Insurance Broking Business only and no other activity will be carried on.
9. We have assisted / will assist the clients in paying the premium as per section 64 VB of the Insurance
Act, 1938 and have not paid / will not pay the premium on behalf of the clients, all the times.
10. We have not given / will not give any rebates of the whole or part of the commission or remuneration or
reward payable or premium shown either directly or indirectly in compliance with section 41 of
Insurance Act, 1938.
11. We confirm that the minimum capital requirement is not diluted / will not be diluted by its use in buying
shares and securities as also keeping Inter Corporate Deposits and giving loans etc.
12. We confirm that the functions as specified in Regulation 4 of IRDAI (Insurance Brokers) Regulations,
2018 have been complied / will be complied with during the Registration period.
13. We confirm that the company has complied with / will comply with the paid-up capital and net worth
requirements as laid down by the Authority during the Registration period.
14. We confirm that the company has maintained / will maintain a professional indemnity policy as
required by the Authority during the Registration period.
15. We confirm that the company has complied with / will comply with the segregation of insurance monies
for its reinsurance related activities as required by the Authority during the Registration period.
16. We confirm that the shareholders/directors/PO/KMPs/BQP/Employees are not suffering from any of
the disqualifications specified under sub-section (5) of section 42D of the Insurance Act 1938
17. We confirm that the shares of an insurance broker held as capital or contributions in case of a LLP
or equivalent has not been pledged / shall not be pledged in any form or manner to secure credit or
any other facility and shall at all times be unencumbered
18. We confirm that the investment in the applicant by the promoters/ shareholders/ partners has been /
shall be from their own funds and not from any other sources.
19. We confirm that a Cyber Security Audit has been conducted during the current financial year in
compliance with the IRDAI Cyber Security Guidelines, 2026, as amended from time to time. The audit
report has been duly shared with all insurers, as specified in the IRDAI Cyber Security Guidelines,
2026
20. We confirm that the insurance broker has complied / will comply with the Guidelines on Prevention and
Regulation of Dark Patterns issued by the Central Consumer Protection Authority (CCPA), as
amended from time to time, in respect of all online interfaces with customers We further confirm that
an assessment of our digital interfaces and customer communication channels has been conducted to
ensure adherence to the said guidelines, and the compliance report has been duly reviewed and
shared with the relevant stakeholders, including insurers, wherever applicable.
21. We confirm that the insurance broker has complied / will comply with the Insurance Regulatory and
Development Authority of India (Maintenance of Information by the Regulated Entities and Sharing of
Information by the Authority) Regulations, 2025, as amended from time to time. We further confirm
that all specified information has been duly maintained in the manner and format specified under the
said Regulations and that adequate systems and controls are in place to ensure accuracy, integrity,
and timely availability of such information for regulatory purposes and sharing with the Authority as
required.
22. The insurance broker has furnished / will furnish accurate and complete regulatory returns, reports,
and any other information sought by the Authority, in such form and manner as may be specified by
the Authority from time to time and any failure to comply with this requirement shall be liable to a
penalty in accordance with the provisions of Section 102 of the Act.
We confirm that the above statements are true to the best of our knowledge and belief.
We further undertake to comply with all the applicable Regulations / Rules / Notices / Circulars as
specified by the Authority from time to time.
Principal Officer
(Director, other than the
PO)
Signature
Signature
Name
Name
Date Date
Note: Strike out the declaration not applicable and attach relevant information separately.
(35) In Schedule I – Form P, the words, "Demand Draft no." shall be substituted with the words,
"Transaction no.” and the words, “Other modes of payment” shall be omitted.
(36) Schedule I – Form Q shall be omitted.
(37) In Schedule II, Form R, Sl. No. 1(a), shall be substituted, namely:-
"The Indian Promoter, Foreign Promoter, Indian Investor and Foreign Investor shall have the same
meaning as given in Regulation 3 of Insurance Regulatory and Development Authority of India
(Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations,
2024 or as amended from time to time"
(38) In Schedule II – Form UA, Annexure I-A, Annexure I-B, Annexure I-C, Annexure I-E and Annexure
I-F, the words, "Validity of Registration" shall be omitted.
(39) Annexure I-D shall be omitted.
(40) In Schedule II – Form V, the words, “Registration validity to” shall be omitted.
(41) Schedule II – Form W shall be omitted.
(42) Schedule – AA shall be substituted, namely:-
[SCHEDULE – AA]
(See Regulation 21A)
Undertaking from an insurance intermediary that has majority shareholding of foreign
investors
I..............(name of person), Chief Executive Officer (CEO) / Principal Officer
(PO) / Managing Director of (name of insurance intermediary), undertake the following:
1.
(name of insurance intermediary) is incorporated as a limited
company under the provisions of the Companies Act, 2013;
2
(name of person), Chairman of the Board of Directors or (name of person)
Chief Executive Officer / Principal Officer / Managing Director of the insurance
intermediary (strike out whichever is not applicable) is a resident Indian Citizen;
3.
shall bring in the latest technological, managerial and other skills;
[Signature of the PO/ CEO/ Managing Director]
CHAPTER III
Amendment to the Insurance Regulatory and Development Authority of India (Registration of
Insurance Marketing Firm) Regulations, 2015
(1) Throughout the regulations,
a) for the word "Intermediary", wherever they occur, the words “insurance intermediary" shall be
substituted.
(2) In regulation (4), sub-regulation 4.1(b) shall be substituted namely:
"Remit the non-refundable fees as specified in Schedule XI"
(3) In regulation (5), sub-regulation (5.2), clause (vi), after the words “IMF”, the words “or Assurance
Marketing" shall be inserted.
(4) In regulation (6), sub-regulation (6.1) (a) shall be substituted, namely: -
"The Applicant shall have net worth of:
Not less than five lakh rupees, if the applicant is opting for only one district, which is an aspirational
district.
Provided that upon the occurrence of any change in the status of aspirational district, the entity shall
intimate the Authority and ensure compliance with the increased net worth requirements within six
months from such change."
(5) In regulation (9), sub-regulation (9.1), the words “throughout the validity of the period of the
registration granted to it by the Authority" shall be substituted with "while the Certificate of
Registration issued to them by the Authority remains in force".
(6) In regulation (11), the following sub-regulations shall be inserted after the sub-regulation (11.8): -
"11.9. Insurance Marketing Firm shall ensure that its Principal Officer and all Insurance Sales Persons
appointed by it, complete, at least twenty-five hours of training, conducted by an examination body
recognized by Authority, once every three years.
11.10. The Authority may, in the interest of policyholders, orderly growth of the insurance business,
impose such conditions, on the business of an Insurance Marketing Firm as may be deemed
necessary at the time or after the grant of Certificate of Registration under these regulations."
(7) In regulation (12),
(a). sub-regulation (12.1), shall be substituted, namely: -
"Validity of Registration-A registration once issued shall remain in force subject to payment of
non-refundable annual fee as specified in Schedule XI until it is suspended or cancelled by the
Authority, or surrendered by the Insurance Marketing Firm".
(b). In sub-regulation (12.4), the words “is renewed by the authority" shall be substituted with
"obtains fresh Certificate of Registration under regulation 14".
(8) In regulation (13), sub-regulation (13.1), after the words and figures "regulation 4”, the words “or
Regulation 14" shall be inserted.
(9) The heading of Chapter III shall be substituted namely:-
"Issuance of fresh certificate to the existing Insurance Marketing Firms"
(10) Regulation (14), shall be substituted, namely: -
"Procedure for issuance of fresh certificate to the existing Insurance Marketing Firms: -
(1) An Insurance Marketing Firm granted registration prior to the commencement of these amendment
regulations with a validity period of three years shall, at any time, prior to 31st January 2027, apply to
the Authority in Form AA for issuance of Certificate of Registration under these regulations, along
with payment of annual fee as specified in Schedule XI.
Provided that the Certificate of Registration so issued shall take effect from the date on which
registration is granted under this regulation, and any Certificate of Registration issued prior
thereto shall be deemed invalid.
Provided that where an Insurance Marketing Firm fails to submit the application before 31st January
2027, it may submit the application by 31st March 2027, along with reasons for such delay and
payment of the applicable annual fee and an additional fee of seven hundred and fifty rupees, and
the Authority may, if satisfied that undue hardship would be caused, consider such application.
Provided further that where the application is not submitted by the Insurance Marketing Firm by 31st
March 2027, it shall cease to act as an Insurance Marketing Firm on and from the expiry of the
aforementioned period and thereafter, the Insurance Marketing Firm shall apply afresh for
registration in accordance with regulation 4.
(2) An application under sub-regulation (1) shall be processed in the manner specified under
regulation 5 and regulation 10.
(3) The Authority, upon being satisfied that the applicant complies with the requirements under these
regulations, may issue a Certificate of Registration in Form E."
(11) Regulation (14) shall be omitted.
(12) In regulation (15),
(a) In the Heading, the words "renew” shall be substituted with the words "issue a".
(b) The words "for renewal” shall be substituted as "under regulation 13".
(13) In sub-regulation 16(b), the words “Form-J (Duplicate Certificate of Registration) of schedule II
with an endorsement thereon that it is a duplicate one" shall be substituted with "Form-E".
(14) In regulation 23, the following clauses shall be inserted after the clause (b):
"(c) An Insurance Web Aggregator having majority shareholding of foreign investors or earning
commission in a financial year exceeding rupees ten crore, shall disclose and continue to disclose
on an annual basis to the Authority, details of commission earned, related party transactions, profits
and dividend declared and paid in the form and manner as specified by the Authority from time to
time. The Insurance Web Aggregator shall also publish these disclosures on its website in the form
and manner as specified by the Authority.
(d) An Insurance Web Aggregator shall furnish accurate and complete regulatory returns, reports, and
any other information sought by the Authority, in such form and manner as may be specified by the
Authority from time to time. Any Insurance Web Aggregator that fails to comply with this requirement
shall be liable to a penalty in accordance with the provisions of Section 102 of the Act."
(15) In Schedule I, Form E Shall be substituted namely: -
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
IRDAI (Insurance Web Aggregators) Regulations, 2017
Schedule I - Form E
See Regulation 9 & 13
Certificate of Registration
Registration No: IRDAI / INT / WBA /
In exercise of the powers conferred by sub-section (1) of section 42D of the Insurance Act, 1938 (4
of 1938) the Authority hereby grants a Certificate of Registration to XXXXXXXXXXXXXXXX to act
as INSURANCE WEB AGGREGATOR under the Insurance Act, 1938.
The Certificate of Registration shall be subject to conditions imposed by the Authority and the
provisions of IRDAI (Insurance Web Aggregators) Regulations, 2017.
The Certificate of Registration shall be valid from DD/MM/YYYY and shall remain in force subject to
payment of annual fee, until it is suspended or cancelled by the Authority.
[QR CODE]
Place:
Date:
By Order
For and on behalf of
Insurance Regulatory
and Development Authority of India
(16) Schedule II, Form-F,
(a)Heading shall be substituted as follows:
"APPLICATION FOR ISSUANCE OF FRESH CERTIFICATE OF REGISTRATION FOR EXISTING
INSURANCE WEB AGGREGATORS UNDER REGULATION 13"
(b) In Instruction 1, 2 and 5, The Words "Renewal” shall be omitted.
(c)Instruction 3 shall be substituted as "Application will be considered only if the application is complete
in all respects".
(d)In Point No.5, the words "Renewal” shall be omitted.
(17) In Schedule II, Form-G,
(a)In the heading, the words "Renewal” shall be omitted.
(b)In Point No. (5), the words "renewal” shall be omitted.
(c)In Point No. (6) shall be substituted as "Payment of Fees as mentioned under Schedule XIII.
(18) In Schedule II, Form- H shall be omitted.
(19) In Schedule II, Form-J shall be omitted.
(20) In Schedule IX, Form X,
(a) In clause (1), the following sub-clauses shall be inserted after sub-clause (b):
"(c)The Authority shall communicate the decision to the Insurance Web Aggregator within thirty
days from the date of taking such decision stating therein the grounds on which the decision
is taken.
(d)The Insurance Web Aggregator, aggrieved by the order of the Authority, may appeal to the
Securities Appellate Tribunal."
(b) In clause (2), the following sub-clause shall be inserted after sub-clause (e):-
"(f) The Certificate of Registration of a Insurance Web Aggregator shall stand suspended under
clause (v) of sub-section (6) of Section 42D of the Act with effect from 1st April of the financial
year for which the annual fee is payable, where the Insurance Web Aggregator fails to pay
the annual fee within the time period specified in Schedule XIII. The Authority shall
communicate the reasons for such suspension in writing to the Insurance Web Aggregator.
The Authority may revoke the suspension if the Web Aggregator pays the annual fee specified
in Schedule XIII, together with an additional fee equal to twenty per cent of the annual fee,
within three months from the date of suspension.
Where the Insurance Web Aggregator fails to pay such annual fee and additional fee within
three months from the date of suspension, the Certificate of Registration shall stand
cancelled under clause (v) of sub-section (6) of Section 42D of the Act.
The procedure to be followed while initiation of Action against the Insurance Web Aggregator
under this regulation is as specified in clauses (c) and (d) of clause (1) above."
(c) In clause (5), In the Heading, the words "renewal of" shall be omitted.
(d) In clause (5), sub-clause (a), the words "renewal of "shall be omitted.
(e) In clause (5), sub-clause (b), the words "renewal” shall be omitted.
(f) In clause (5), sub-clause (c), the words "to cancel a renewal/Certificate of Registration" shall be
omitted.
(21) After Schedule XII, the following provision shall be inserted: -
Schedule XIII
[See regulation 3 & 13]
Insurance Regulatory and Development Authority of India (Insurance Web Aggregators)
Regulations, 2017
Instruction for Payment of fees and the consequences of failure to pay fees
(1) Every applicant shall at the time of application of registration under regulation 3 pay non-refundable
application fee of Rs. 10,000/-plus applicable taxes. The fees shall be payable by recognized
electronic funds transfer to Insurance Regulatory and Development Authority of India, as specified.
No application shall be processed without the application fee.
(2) Upon receipt a communication for grant of registration under Regulation 3 or Regulation 13, the
applicant shall pay the annual fee of Rs.10,000/- plus applicable taxes for ongoing financial year,
within 15 days of receipt.
(3) Upon receipt of the annual fee inter-alia, the Authority shall grant registration to act or continue to act
as an insurance web aggregator.
(4) An Insurance Web Aggregator granted a Certificate of Registration under Regulation 3 or Regulation
13 shall thereafter pay an annual fee plus applicable taxes, for every financial year to the Authority
before the 31st day of January of the preceding financial year, as specified in (5) below.
(5) The annual fee shall be higher of:
a. Rupees ten thousand; or
b. One-twenty fifth of one per cent of the commission and other receipts from Insurer during the
financial year preceding the year in which the annual fee is payable rounded off to the next thousand.
(6) If an Insurance Web Aggregator fails to pay the annual fee before the specified date the Competent
Authority may accept the payment of annual fee along with an additional fee plus applicable taxes of
a. Two percent of the annual fee if the fee is paid within 30 days after the expiry of the last date of
payment of annual fee; or
b. Ten percent of the annual fee if the fee is paid after 30 days after the last date of payment of annual
fee but before the end of financial year in which the annual fee was required to be paid.
Where the Insurance Web Aggregator has failed to pay the fee before the end of the financial year in
which it is due to be paid, Certificate of Registration may be suspended or cancelled as specified
under these regulations.
The annual fee plus applicable taxes shall be remitted in the electronic mode as specified by the
Authority.
Explanation: Commission means any compensation including remuneration, or reward or any
incentive, by whatever name called, paid by an insurer to the Insurance Web Aggregator as
applicable, for soliciting or procuring or transacting insurance business. For the purpose of
calculating the annual fee, the commission received by the Insurance Web Aggregator shall be as
stated in its audited financial statements.
Other receipts include any receipts towards services provided for branding, marketing, advertising,
publicity and promotional activities, including web branding, branch branding, display fees, logo fees
and similar brand visibility initiatives, as well as business support and shared service costs.
(7) Applicants granted a Certificate of Registration (CoR) under Regulation 3, where the validity of such
CoR commences during the period from 31st January to 31st March of any financial year, shall, in
addition to the annual fee payable at the time of grant of CoR for the ongoing financial year, also pay
the annual fee as specified in (5) for the immediately succeeding financial year.
(8) Applicants granted a Certificate of Registration (CoR) under Regulation 13, where the registration is
obtained during the period from 31st January 2027 to 31st March 2027, shall, in addition to the annual
fee of Rs. 10,000/-, and an additional fee of seven hundred and fifty rupees payable, plus applicable
taxes at the time of grant of CoR for the ongoing financial year, also pay the annual fee as specified
in (5) for the immediately succeeding financial year.
(22) Schedule AA shall be substituted namely: -
[SCHEDULE – AA]
Undertaking from an insurance intermediary that has majority shareholding of foreign investors
I..............(name of person), Chief Executive Officer (CEO) / Principal Officer (PO) / Managing Director
of..
........
(name of insurance intermediary), undertake the following:
1.
(name of insurance intermediary) is incorporated as a limited company under the
provisions of the Companies Act, 2013;
2.
(name of person), Chairman of the Board of Directors or
(name of person) Chief
Executive Officer / Principal Officer / Managing Director of the insurance intermediary (strike out
whichever is not applicable) is a resident Indian Citizen;
3. shall bring in the latest technological, managerial and other skills;
Signature of the PO/ CEO/ Managing Director
CHAPTER V
Amendment to the Insurance Regulatory and Development Authority of
India (Insurance Services by Common Public Service Centers) Regulations, 2019
(1) Throughout the Regulations,
for the word "Intermediary", wherever they occur, the words "insurance intermediary" shall be
substituted.
(2) In Regulation 5,
a) sub-regulation 5.1 shall be substituted, namely:-
"Validity of registration shall be subject to payment of non-refundable annual fee as specified in
Schedule VIII, a registration once issued shall remain in force until it is suspended, or cancelled by
the Authority or surrendered by the CPSC-SPV"
b) sub-regulation 5.2 shall be substituted, namely:-
"In case the registration of the CPSC-SPV is surrendered, suspended or cancelled, the policyholders
shall be serviced by the respective insurers."
c) sub-regulation 5.3 shall be omitted.
(3) The heading of Part II shall be substituted, namely:-
"Certification of Existing CPSC-SPV"
(4) In Regulation 6, sub-regulation 6.1 shall be substituted, namely:-
A CPSC-SPV granted registration prior to the commencement of these amendment regulations with
a validity period of three years shall, at any time prior to 31st January 2027, apply to the Authority in
Form A for issuance of Certificate of Registration under these regulations, along with payment of
annual fee as specified in Schedule VIII.
Provided that the Certificate of Registration so issued shall take effect from the date on which
registration is granted under this regulation, and any Certificate of Registration issued prior
thereto shall be deemed invalid.
Provided that where a CPSC-SPV fails to submit the application before 31st January 2027, it may
submit the application by 31st March 2027 along with reasons for such delay and payment of the
applicable annual fee and an additional fee of seven hundred and fifty rupees, and the Authority may,
if satisfied that undue hardship would be caused otherwise, consider such application.
Provided further that where the application is not submitted by the CPSC-SPV by 31st March 2027, it
shall cease to act as CPSC-SPV on and from the expiry of the aforementioned period and thereafter,
the CPSC-SPV shall apply afresh for registration in accordance with regulation 4.
(5) In Regulation 6,
a) sub-regulation 6.2 shall be substituted, namely:-
"The Authority, on being satisfied that the applicant fulfills all the conditions, shall grant
registration in Form B"
b) sub-regulation 6.3 shall be omitted.
c) sub-regulation 6.4 shall be omitted.
d) sub-regulation 6.5 shall be omitted.
e) sub-regulation 6.6 shall be omitted.
(6) In Regulation 7, sub-regulation 7.2 the words “Form-B2” shall be substituted with “Form-B”.
(7) After clause (f) of part I of Schedule II following clause shall be inserted, namely:-
"(g) The CSPC-SPV shall maintain records of all insurance policies solicited through it, including
the name and functional identity of the RAP/VLE-Ins who solicited or sold the policy. The
functional identity of such persons shall be assigned by the RAP/VLE-Ins based on a unique identity
issued by the Central Government. The RAP/VLE-Ins shall ensure that such records are maintained
in a manner that enables the Authority to access them remotely.
The proposal form, insurance policy and Certificate of Insurance shall record the name and functional
identity of RAP/VLE-Ins who sold the policy along with the mobile number and email address of the
branch or office through which the policy was solicited.
Provided that, where a policy is solicited directly through the digital platform of the CPSC-SPV,
without the involvement of a RAP/VLE-Ins, the proposal form, insurance policy document, and
certificate of insurance shall disclose the telephone number and email address of the Principal
Officer.
(8) Part III of Schedule VI shall be substituted, as under:-
"Part III
Suspension of Registration of the CPSC-SPV without notice
1. The Registration of CPSC-SPV may be suspended without notice, provided the Authority has
communicated the reasons for the same in writing:
(i) if it is found guilty of fraud, or is convicted for a criminal offence;
(ii) commits such defaults, which require immediate action in the opinion of the Authority.
2. The Certificate of Registration of a CPSC-SPV shall stand suspended under clause (v) of sub-section
(6) of Section 42D of the Act with effect from 1st April of the financial year for which the annual fee
is payable, where the CPSC-SPV fails to pay the annual fee within the time period specified in
Schedule VI. The Authority shall communicate the reasons for such suspension in writing to the
CPSC-SPV.
The Authority may revoke the suspension if the CPSC-SPV pays the annual fee specified in Schedule
VIII, together with an additional fee equal to twenty per cent of the annual fee, within three months
from the date of suspension.
Where the CPSC-SPV fails to pay such annual fee and additional fee within three months from the
date of suspension, the Certificate of Registration shall stand cancelled under clause (v) of sub-
section (6) of Section 42D of the Act.
The procedure to be followed while initiation of Action against the CPSC-SPV post suspension of
registration, under this Part is as specified in clauses of Part II above.
(9) After Schedule VII, following schedule shall be inserted as under-
Schedule VIII
[See Regulation 5.1 and 6.1]
Under Insurance Regulatory and Development Authority of India (Insurance Services by
Common Public Service Centres) Regulations, 2019
Instruction for Payment of fees and the consequences of failure to pay fees
(1) Every applicant shall at the time of application of registration under Regulation 3 pay non-
refundable application fee of Rs. 10,000/- plus applicable taxes. The fees shall be payable by
recognized electronic funds transfer to Insurance Regulatory and Development Authority of
India, as specified. No application shall be processed without the application fee.
(2) Upon receipt of a communication for grant of registration under Regulation 4 or Regulation 6,
the applicant shall pay the annual fee of Rs. 10,000/- plus applicable taxes for ongoing financial
year within 15 days of receipt.
(3) Upon receipt of the annual fee inter-alia, the Authority shall grant registration to act or continue
to act as a CPSC-SPV under the category for which the application has been made.
(4) A CPSC-SPV granted a Certificate of Registration under Regulation 4 or Regulation 6 shall
thereafter pay an annual fee plus applicable taxes, for every financial year to the Authority
before the 31st day of January of the preceding financial year, as specified in (5) below.
(5) The annual fee shall be higher of:
a. Rupees ten thousand; or
b. One-twenty fifth of one per cent of the commission and other receipts from Insurer during the
financial year preceding the year in which the annual fee is payable, rounded off to the next
thousand.
(6) If the CPSC-SPV fails to pay the annual fee before the Specified date the Competent Authority
may accept the payment of annual fee along with an additional fee of
a. Two percent of the annual fee if the fee is paid within 30 days after the expiry of the last date of
payment of annual fee; or
b. Ten percent of the annual fee if the fee is paid after 30 days after the last date of payment of annual
fee but before the end of financial year in which the annual fee was required to be paid.
Where the CPSC-SPV has failed to pay the fee before the end of the financial year in which it is due
to be paid, Certificate of Registration may be suspended or cancelled in terms of provisions of these
Regulations.
The annual fee plus applicable taxes shall be remitted in the electronic mode as specified by the
Authority.
Explanation: Commission means any compensation including remuneration, or reward or any
incentive, by whatever name called, paid by an insurer to the CPSC-SPV as applicable, for soliciting
or procuring or transacting insurance business. For the purpose of calculating the annual fee, the
commission received by the CPSC-SPV shall be as stated in its audited financial statements.
Other receipts include any receipts towards services provided for branding, marketing, advertising,
publicity and promotional activities, including web branding, branch branding, display fees, logo fees
and similar brand visibility initiatives, as well as business support and shared service costs.
(7) Applicants granted a Certificate of Registration (CoR) under Regulation 4 where the validity of such
CoR commences during the period from 31st January to 31st March of any financial year, shall, in
addition to the annual fee payable at the time of grant of CoR for the ongoing financial year, also pay
the annual fee as specified in (5) for the immediately succeeding financial year.
(8) Applicants granted a Certificate of Registration (CoR) under Regulation 6, where the registration is
obtained during the period from 31st January 2027 to 31st March 2027, shall, in addition to the annual
fee of Rs. 10,000/-, and an additional fee of seven hundred and fifty rupees payable, plus applicable
taxes at the time of grant of CoR for the ongoing financial year, also pay the annual fee as specified
in (5) for the immediately succeeding financial year.
(10) In Form A, the words “Renewal of Registration” shall be omitted
(11) FORM B2 shall be omitted
(12) For FORM B following form shall be substituted, namely:
Form- B
CERTIFICATE OF REGISTRATION
(Regulation 4 & 6)
Registration Code:
In exercise of the powers conferred by sub-section (1) of section 42D of the Insurance Act, 1938 (4 of
1938) the Authority hereby grants a Certificate of Registration to
to act as CPSC-SPV under
the Insurance Act, 1938.
The Certificate of Registration shall be subject to conditions imposed by the Authority and the provisions
of the Insurance Regulatory and Development Authority of India (Insurance Services by Common Public
Service Centers) Regulations, 2019.
This Certificate of Registration shall be valid from DD/MM/YYYY and shall remain in force subject to
payment of annual fee, until it is suspended, or cancelled by the Authority.
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Place:
Date:
By Order
For and on behalf of
Insurance Regulatory and Development Authority of India
G. R. SURYA KUMAR, Executive Director
[ADVT.-III/4/Exty./248/2026-27]
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 Digitaly signed by SARVESH
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