Now Reading: IRDAI mandates policy tagging to individual salesperson
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IRDAI mandates policy tagging to individual salesperson
IRDAI has notified the Insurance Intermediaries (Amendment) Regulations, 2026, making it mandatory to tag every insurance policy to the individual salesperson who sold it. The regulator has also replaced periodic licence renewals…
The Story in Brief
IRDAI has notified the Insurance Intermediaries (Amendment) Regulations, 2026, making it mandatory to tag every insurance policy to the individual salesperson who sold it. The regulator has also replaced periodic licence renewals with perpetual registration and introduced stronger governance and disclosure norms. Insurance Brokers Association of India (IBAI) president Narendra Bharindwal said the changes strengthen accountability and customer trust, though they will require investment in technology and training. He added that perpetual registration should not be mistaken for lighter oversight, and that intermediaries should be evaluated on customer outcomes such as policy persistency and complaint ratios rather than just premium volumes.
The Indian Opinion
The insurance industry is celebrating these reforms as a transparency milestone, but the real test lies in implementation. Small brokers may struggle with the digital audit trail requirements, and the shift from volume-based to outcome-based evaluation remains vague. Perpetual registration sounds like deregulation, but annual fees and continuous compliance could still pinch. The number to watch: will mis-selling complaints actually drop after tagging begins? More pointedly, will the regulator enforce the new penalty framework consistently, or will it remain a paper tiger?
Sources (2): livemint.com, livemint.com (2)
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
