The laws, regulators, platforms and rules that shape how insurance is made, sold and serviced in India. This topic has 21 entries.
Regulation and regulatorsIRDAI (Insurance Regulatory and Development Authority of India)IRDAI is the statutory regulator of insurance in India, set up under the IRDA Act, 1999, to protect policyholders and to regulate, promote and ensure the orderly growth of insurance.Regulation and regulatorsInsurance Act, 1938The Insurance Act, 1938 is India's principal insurance law. It sets the rules on who may carry on insurance business, capital, investments, policyholder rights, agents, intermediaries and penalties.Regulation and regulatorsIRDA Act, 1999The IRDA Act, 1999 is the law that created IRDAI as India's insurance regulator, set out its composition and powers, and opened the insurance sector to private and foreign-backed insurers.Regulation and regulatorsSabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025The Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 amended India's three main insurance laws, allowing 100% foreign investment in insurers and widening IRDAI's powers.Regulation and regulatorsFDI in insuranceFDI in insurance is foreign direct investment in Indian insurers and intermediaries. As of October 2026, up to 100% is allowed under the automatic route, except LIC, where the limit is 20%.Regulation and regulatorsComposite licenceA composite licence would let one insurance company sell life, general and health insurance together. As of October 2026, Indian law still does not allow it, so these lines run as separate companies.Regulation and regulatorsBima SugamBima Sugam is India's regulator-backed online insurance marketplace, set up under IRDAI's 2024 regulations as digital public infrastructure for buying, servicing and claiming on policies.Regulation and regulatorsBima TrinityBima Trinity is IRDAI's three-part plan to widen insurance access in India: the Bima Sugam marketplace, the Bima Vistaar bundled rural product and the Bima Vahak women-led field channel.Regulation and regulatorsInsurance for All by 2047Insurance for All by 2047 is IRDAI's goal that every Indian has suitable life, health and property cover and every enterprise has suitable insurance by India's 100th year of independence.Regulation and regulatorsExpenses of Management (EoM) regulationsExpenses of Management (EoM) regulations are IRDAI's limits on what an insurer may spend on commission and operating costs, set as a share of premium under the 2024 EoM regulations.Regulation and regulatorsProtection of policyholders' interests regulationsThe protection of policyholders' interests regulations are IRDAI's 2024 rules on how insurers and distributors sell, issue and service policies, covering free look, claim timelines and grievances.Regulation and regulatorsIRDAI master circularsIRDAI master circulars are single documents that gather all of IRDAI's detailed instructions on one subject, such as health insurance or policyholder protection, under a principle-based regulation.Regulation and regulatorsUse and file product approvalUse and file is IRDAI's product approval route under which an insurer launches a product after its own board committee approves it and a UIN is assigned, without filing with IRDAI first.Regulation and regulatorsInsurance OmbudsmanThe Insurance Ombudsman is a free, out-of-court forum under the Insurance Ombudsman Rules, 2017 that decides policyholder complaints against insurers and intermediaries for amounts up to ₹50 lakh.Regulation and regulatorsLife Insurance CouncilThe Life Insurance Council is the statutory body of all life insurers in India, set up under the Insurance Act, 1938, that sets conduct standards, advises IRDAI and publishes industry data.Regulation and regulatorsGeneral Insurance CouncilThe General Insurance Council is the statutory body of general, health and reinsurance companies in India under the Insurance Act, 1938. It sets conduct standards and publishes industry data.Regulation and regulatorsInsurance Information Bureau of India (IIB)The Insurance Information Bureau of India (IIB) is the IRDAI-promoted body that collects and analyses policy and claims data from all insurers for use in pricing, portability and regulatory work.Regulation and regulatorsInsurance Institute of India (III)The Insurance Institute of India (III) is the Mumbai-based national body for insurance education, set up in 1955. It runs professional exams and the IRDAI pre-licensing tests for agents.Regulation and regulatorsLife Insurance Corporation of India (LIC)The Life Insurance Corporation of India (LIC) is India's largest life insurer, a statutory corporation formed in 1956, majority owned by the government and listed on stock exchanges since 2022.Regulation and regulatorsPublic sector general insurersPublic sector general insurers are the government-owned non-life insurers in India: New India Assurance, United India, Oriental and National Insurance, plus specialised insurers such as AIC and ECGC.Regulation and regulatorsStandalone health insurerA standalone health insurer (SAHI) is an IRDAI-registered insurer licensed only for health insurance business, which includes personal accident and travel cover, but not motor, fire or life.
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Principles of insuranceLife insuranceHealth insuranceMotor insuranceProperty, commercial and specialty insuranceGovernment and social insurance schemesDistribution and intermediariesDistribution performance metricsInsurance finance and actuarialReinsuranceClaims and policyholder serviceInsurance and tax