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IRDAI approved a comprehensive reform package supporting implementation of the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 (SBSR Act), easing investment norms and simplifying capital/share-transfer rules.
The centrepiece reform operationalises the Policyholders' Education and Protection Fund (PEPF) under Section 16A of the IRDA Act, 1999, to boost insurance literacy, grievance redressal, and recovery of unclaimed amounts.
New rules mandate salesperson tagging on every policy and introduce perpetual intermediary registration via annual fees, replacing periodic renewals.
IRDAI also granted a Certificate of Registration to ProTec General Insurance Ltd — its fourth new registration in 2026 (two general insurers, one health insurer, one reinsurer).
A dedicated institutional mechanism under Section 16A of the IRDA Act, 1999 (introduced via the SBSR Act) to promote insurance awareness, strengthen grievance redressal, use technology for policyholder services, and facilitate tracing/recovery of unclaimed insurance amounts.
Simple Analogy: A dedicated pool and process to make sure policyholders know their rights, get heard when something goes wrong, and can reclaim money that's been sitting unclaimed.
Banking & Insurance Awareness > IRDAI Regulations
GS Paper III > Insurance Sector Reforms
Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025