Now Reading: Irdai mandates policy tagging, perpetual registration for intermediaries
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Irdai mandates policy tagging, perpetual registration for intermediaries
Irdai mandates policy tagging, perpetual registration for intermediaries
Irdai has notified the Insurance Intermediaries (Amendment) Regulations, 2026, introducing mandatory tagging of every policy to the salesperson who sold it. The rules also replace periodic licence renewals with perpetual registration and…
The Story in Brief
Irdai has notified the Insurance Intermediaries (Amendment) Regulations, 2026, introducing mandatory tagging of every policy to the salesperson who sold it. The rules also replace periodic licence renewals with perpetual registration and tighten governance and disclosure requirements.
Mint reports that Narendra Bharindwal, president of the Insurance Brokers Association of India, views tagging as a way to improve accountability and customer protection. He said firms will need stronger digital systems, audit trails, compliance monitoring and staff training. Bharindwal also backed assessing intermediaries through policy persistency, complaints, advice quality, grievance handling and claims support, rather than premium volumes alone. Perpetual registration reduces paperwork, but does not remove continuing compliance duties.
The Indian Opinion
The claim that policy tagging alone will end mis-selling is too generous. It can identify responsibility, but customers will benefit only if firms preserve reliable records and act on complaints. The opposite claim, that perpetual registration means weak oversight, is also misleading. Ongoing compliance still applies. The practical test is whether complaint ratios, persistency and claims support improve after implementation, not whether firms complete fewer renewal forms.
Source: livemint.com
This story was synthesised by AI from the source linked above.
