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IRDAI- Press Release on Transitional arrangement for issuance of CoR and payment of Annual Fee for I

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  • IRDAI- Press Release on Transitional arrangement for issuance of CoR and payment of Annual Fee for I

The Insurance Regulatory and Development Authority of India (“ IRDAI ”), has released a Press Release dated March 17, 2026 on ‘Transitional arrangements for issuance of Certificate of Registration (“ CoR ”) and payment of Annual Fee’ for Insurance Intermediaries (“ Press Release ”) in furtherance of the circular dated 16th March, 2026 (“ Circular ”), pursuant to the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 (“ SBSR Act ”).

The key highlights of the Press Release are as follows:

  • The Circular applies to all categories of insurance intermediaries, including Insurance Brokers (Direct, Reinsurance and Composite), Corporate Agents, Insurance Marketing Firms (IMFs), Web Aggregators, Common Service Centres (CSCs), Insurance Surveyors and Loss Assessors (Individual and Corporate), Insurance Repositories, Third Party Administrators (TPAs) and any other registered entities.
  • The Circular applies to all categories of insurance intermediaries, including Insurance Brokers (Direct, Reinsurance and Composite), Corporate Agents, Insurance Marketing Firms (IMFs), Web Aggregators, Common Service Centres (CSCs), Insurance Surveyors and Loss Assessors (Individual and Corporate), Insurance Repositories, Third Party Administrators (TPAs) and any other registered entities.
  • With the SBSR Act coming into effect on 5th February 2026, the earlier three-year validity of Certificate of Registration (CoR) and renewal fee framework stands discontinued. Registration shall henceforth remain in force subject to payment of annual fee as per the amended provisions of Section 42D of the Insurance Act, 1938.
  • With the SBSR Act coming into effect on 5th February 2026, the earlier three-year validity of Certificate of Registration (CoR) and renewal fee framework stands discontinued. Registration shall henceforth remain in force subject to payment of annual fee as per the amended provisions of Section 42D of the Insurance Act, 1938.
  • The insurance intermediaries will be required to comply with the annual fee requirement as may be specified through regulations.
  • The insurance intermediaries will be required to comply with the annual fee requirement as may be specified through regulations.
  • Further, to facilitate a smooth transition to the new regime, and as a transitional measure, intermediaries granted fresh registration or whose renewal of CoR falls due during 5th February 2026 to 30th June 2026 shall pay the specified interim annual fee (along with GST) at the time of issuance of the Certificate of Registration. The interim fee structure is provided in Annexure-I of the Circular.
  • Further, to facilitate a smooth transition to the new regime, and as a transitional measure, intermediaries granted fresh registration or whose renewal of CoR falls due during 5th February 2026 to 30th June 2026 shall pay the specified interim annual fee (along with GST) at the time of issuance of the Certificate of Registration. The interim fee structure is provided in Annexure-I of the Circular.
  • Any renewal fee already paid for approvals granted on or after 5th February 2026 shall be adjusted against the interim annual fee. Any excess amount arising from such adjustment shall be refunded to the concerned intermediary.
  • Any renewal fee already paid for approvals granted on or after 5th February 2026 shall be adjusted against the interim annual fee. Any excess amount arising from such adjustment shall be refunded to the concerned intermediary.

A copy of the Press Release is attached herewith for your reference.

Source category: IRDAI

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