Policies sold by banks, agents to name sellers
MUMBAI : IRDAI has proposed a sweeping overhaul of insurance regulations in June 2026 after the enactment of the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, introducing new investment avenues, tighter transparency norms for intermediaries, and structural changes aimed at improving market penetration and accountability.
The proposals, made under three exposure drafts and three consultation papers, introduce stricter consumer protection measures at the point of sale. Every insurance policy will be digitally tagged to the individual salesperson responsible for the sale, including specified persons, broker qualified persons, insurance sales persons, authorised verifiers, or point of sales persons, enabling traceability and accountability in cases of mis-selling. At present responsibility is of the organisation in case of policies sold by banks or corporate agents.
The proposals, made under three exposure drafts and three consultation papers, introduce stricter consumer protection measures at the point of sale. Every insurance policy will be digitally tagged to the individual salesperson responsible for the sale, including specified persons, broker qualified persons, insurance sales persons, authorised verifiers, or point of sales persons, enabling traceability and accountability in cases of mis-selling. At present responsibility is of the organisation in case of policies sold by banks or corporate agents.
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