The Insurance Regulatory and Development Authority of India (Irdai) has committed to completing fresh regulations and amendments to existing insurance norms within six months of implementing the amended insurance law framework. According to minutes of the regulator's 134th authority meeting held in March 2026 and released on Friday, this timeline was established following the notification of the Sabka Bima, Sabki Raksha Act on December 21, 2025, which came into effect on February 5, 2026.
The authority reviewed the insurance sector's performance during its latest meeting, highlighting strong growth momentum across key segments. Premium collections for FY 2025-26 up to January 2026 reached ₹10.51 lakh crore with an impressive growth rate of 11.45%. Life insurers demonstrated particularly robust performance with total premium of ₹7.67 lakh crore and growth rate of 12.27%, while general insurers collected gross direct premium of ₹2.83 lakh crore with 9.3% growth rate. The health insurance segment benefited significantly from GST exemption, recording 14.41% growth rate with premium collections of ₹1.15 lakh crore.
The authority has approved in-principle proposals to draft and publish the proposed regulations for stakeholder consultation, following the regulatory mechanism cleared during its 119th authority meeting on July 26, 2022. As reported by Business Standard, the proposed regulations will be issued for public consultation before being finalised under the amended insurance law framework, ensuring comprehensive stakeholder engagement in the regulatory development process.
The Sabka Bima, Sabki Raksha (Amendment of Insurance Laws) Act, 2025 represents a significant amendment to India's insurance regulatory framework. According to the regulatory timeline, the process of drafting new regulations under the amended law, along with revising existing regulations, must be completed within six months from the date of implementation, establishing a clear regulatory roadmap for the insurance sector under the new legislative framework.
