The Insurance Regulatory and Development Authority of India (“IRDAI” / “Authority”) has released the Minutes of the 134th Authority Meeting (“Minutes”) held on March 9, 2026, in virtual mode at Hyderabad.
Shri Ajay Seth (“Chairman”) presided over the meeting who acknowledged the contributions made by Shri Parmod Kumar Arora whose tenure as Whole-time Member (Actuary) completed on 3rd January 2026, Shri Satyajit Tripathy whose tenure as Whole-time Member (Distribution) completed on February 01, 2026 and CA. Charanjot Singh Nanda, Part-time Member, whose tenure as President of ICAI, completed on February 11, 2026.
CA. Prasanna Kumar D was welcomed as Part-time Member of the Authority with effect from 12th February 2026. The Authority noted the leave of absence granted to CA. Prasanna Kumar D and confirmed that the requisite quorum to commence the deliberations.
Key Highlights of the Meeting
- The insurance industry recorded premium garnered for FY 2025-26 (up to January 2026) of ₹10.51 lakh crore, registering a growth rate of 11.45%. Life insurers recorded a total premium of ₹7.67 lakh crore with a growth rate of 12.27%, while General Insurers collected a gross direct premium of ₹2.83 lakh crore with a growth rate of 9.3%.
- The health insurance segment recorded a growth rate of 14.41%. Premium collected up to January 2026 stood at ₹1.15 lakh crore due to the impact of GST exemption, which resulted in accelerated growth. Standalone health insurers registered a growth rate of 17.89%, with premium collection up to January 2026 amounting to ₹35,815 crore.
Agenda Items Discussed
1. In-Principle Approval for Drafting and Publishing Draft Regulations for Stakeholder Consultation
ED (GA&HR) delivered a presentation on the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 (“SBSR Act”), notified on December 21, 2025, which came into force on February 05, 2026. He outlined the need for framing new regulations and amending the existing regulations within six months from the date the SBSR Act came into force.
Further, in-principle approval of the Authority was sought for drafting and publishing the draft regulations for stakeholder consultation, keeping in view the approved mechanism for framing, consultation and issuance of Regulations of the Authority approved during its 119th Meeting held on July 26, 2022.
This agenda was approved after due deliberations.
2. Reconstitution of Insurance Advisory Committee (IAC)
A list of 18 experts from various fields, comprising representatives by virtue of official designation (6 members) and experts appointed under the provisions of the IRDAI Act (12 members), was proposed for appointment as Members of the Insurance Advisory Committee (IAC), as the tenure of 18 members had concluded on August 22, 2025, while the tenure of the remaining two members will conclude on March 20, 2026.
The Authority approved the nomination of the proposed 18 members as per the agenda, and authorised the Chairman to issue the notification upon receipt of consent from the Members appointed by name.
A copy of the Minutes is attached for your ready reference.
Source category: IRDAI
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