Insurance Regulatory and Development Authority Act 1999 with Regulations (Bare Act with Section Notes) - Book By Taxmann

Edition : 2027

Insurance Regulatory and Development Authority Act 1999 with Regulations [Bare Act with Section Notes] by Taxmann is a single-volume working Edition of the Act, with sixteen sets of Regulations made by the Authority. The statutory text is freely available; what this book supplies is the apparatus around it—more than four hundred footnotes that record the amendments to the Act and to eleven of the Regulations, many with the earlier text; italics that mark most of the text changed in 2025 and 2026; a one-page table of the changes made by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act 2025; Section Notes under section 22; a twenty-five-page Contents list; and a Subject Index to the Act.

The book solves a practical problem. Anyone working under the Act has to piece together four things:

• The text of the Act and its amendments, among them those made by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act 2025 with effect from 5^th February 2026
• The Regulations that deal with insurers, among them the five sets made in 2024
• The Regulations that deal with intermediaries, from insurance agents and brokers to surveyors and third party administrators
• The amendments made in 2026 to six of those Regulations, and the text they replaced

This volume prints the Act and the sixteen Regulations together, footnotes their amendments with the amending instrument and its date, and sets most of the 2025 and 2026 changes in italics.

This book is intended for the following audience:

• Insurers and Reinsurers who work under the five sets of Regulations of 2024, from expenses of management and commission to insurance products, and under the Re-insurance Regulations 2018, with their 2023 amendments footnoted
• Appointed Actuaries, Finance Teams and Auditors who prepare valuations, financial statements, investment returns and actuarial reports under the Schedules and Annexures of the Actuarial, Finance and Investment Functions of Insurers Regulations 2024, among them the Ind AS formats of Schedule IIA, inserted from 1st April 2026
• Insurance Brokers who need the Insurance Brokers Regulations 2018 as amended in 2026, with the Forms and Annexures appended to them
• Corporate Agents registered under the Registration of Corporate Agents Regulations 2015, with the 2026 amendments and the earlier text footnoted
• Surveyors and Loss Assessors registered under the 2015 Regulations, with the 2020 and 2026 amendments footnoted
• Third Party Administrators providing health services under the 2016 Regulations, as amended in 2019 and 2026
• CPSC-SPVs and their Village Level Entrepreneurs who offer insurance through the Common Service Centers network under the 2019 Regulations, as amended in 2026
• Lawyers and Compliance Advisers who advise on the Act as amended by the 2025 Act from 5th February 2026: the Authority's duties, powers and functions, among them the new sections 14A to 14E; the Policyholders' Education and Protection Fund in the new section 16A; and the protection of action taken in good faith, the subject of the Section Notes
• Students and Researchers of insurance law, who want the Act and sixteen sets of Regulations in one volume

The Present Publication is the 2027 Edition, covering the text of the Insurance Regulatory and Development Authority Act 1999 [Act No. 41 of 1999], with sixteen sets of Regulations made by the Authority, and the law stated as updated till 5th October 2026. It has the following noteworthy features:

• [Amendments Footnoted – The Core Editorial Feature] More than four hundred footnotes record the changes to the Act and to eleven of the sixteen Regulations. Almost all name the amending instrument and the date from which the change took effect, or refer back with 'ibid.' to the instrument named before; many also give the text as it stood before the change. In the Act, nine footnotes record the changes made by the 2025 Act, three those of the Insurance Laws (Amendment) Act 2015 and one the insertion of section 23A by the International Financial Services Centres Authority Act 2019; six of the thirteen give the earlier text, and one the words omitted
• [The 2025 Amendments to the Act] The Act is printed as amended by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act 2025 with effect from 5th February 2026, including the new sections 14A to 14E and 16A. A one-page table at the front of the book lists, at a glance, the thirteen sections that Act changed, in nine rows, with the effective date and the nature of each amendment. The changed text is set in italics, and the dates in its footnotes in bold
• [The 2026 Amendments to the Regulations] More than two hundred and fifty of the footnotes record amendments made in 2026 to six of the Regulations: those on corporate agents, brokers and common public service centers, by the Insurance Intermediaries (Amendment) Regulations 2026; those on surveyors and loss assessors and on third party administrators, by their own amendment Regulations of 2026; and the Actuarial, Finance and Investment Functions of Insurers Regulations 2024, amended from 1st April and from 30th July 2026. The footnotes and the italic text show, for example, the move from three-year registration to registration subject to an annual fee, and the fresh Certificates of Registration that existing corporate agents, brokers and CPSC-SPVs are to apply for before 31st January 2027
• [Sixteen Regulations] The Regulations follow the Act and its Subject Index, each headed with its notification number and date. Seven deal with intermediaries: the Licensing Regulations of 2000 and 2002 for insurance agents and corporate agents, and the Regulations of 2015 on the registration of corporate agents and on surveyors and loss assessors, of 2016 on third party administrators, of 2018 on insurance brokers and of 2019 on common public service centers. Five, of 2024, deal with insurers' expenses of management, their actuarial, finance and investment functions, policyholders' interests, rural, social sector and motor third party obligations, and insurance products. The rest deal with re-insurance (2018), the Re-insurance Advisory Committee (2019), the financial statements and auditor's report of insurance companies (2002) and discontinued linked insurance policies (2010)
• [Schedules, Forms and Annexures] Twelve of the Regulations carry Schedules, Forms or Annexures. The Actuarial, Finance and Investment Functions Regulations have six Schedules—on actuarial functions, finance functions, Ind AS finance functions (Schedule IIA, inserted from 1st April 2026), investment functions, loans and advances, and inspection and supply of returns—with three investment Annexures and nineteen actuarial Annexures, Actl-1 to Actl-17A. The Insurance Brokers Regulations have thirty Forms, five of them omitted in 2026, and six Annexures of auditors' certificates
• [Section Notes] Section Notes are printed under one section, section 22, on the protection of action taken in good faith. They follow a boxed COMMENTS device and run to two numbered notes, with three sub-heads, three points and five sub-points. Note 22.1 sets out who is protected and for what; note 22.2 takes the proviso, which leaves other suits and proceedings open
• [Research Tools] A twenty-five-page Contents list sets out the Act by Chapter, with its Schedules and the Subject Index, and gives page references for the regulations of the sixteen Regulations and for many of their Schedules, Forms and Annexures. A Subject Index of seventeen main heads and forty-seven sub-entries refers to all thirty-nine section numbers of the Act and to the ten definitions in section 2(1). Running heads carry section, regulation, Schedule and Form references
• [Authoritative Bare Act Presentation] Taxmann's Bare Act editorial format is followed throughout. Amended text is enclosed in square brackets with a footnote marker, omitted words are shown as '[***]', and the boxed COMMENTS device under section 22 keeps the notes apart from the statutory text

The structure of the book is as follows:

• Contents
• Amendments made by Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act 2025 at a Glance
• Insurance Regulatory and Development Authority Act 1999, with Section Notes
• Sections 1 to 32, with sections 14A to 14E, 16A and 23A, in six Chapters
• First, Second and Third Schedules
• Subject Index
• Sixteen Regulations
• Insurance Regulatory and Development Authority of India (Re-insurance) Regulations 2018
• Insurance Regulatory and Development Authority (Licensing of Insurance Agents) Regulations 2000
• Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations 2002
• Insurance Regulatory and Development Authority (Licensing of Corporate Agents) Regulations 2002
• Insurance Regulatory and Development Authority (Treatment of Discontinued Linked Insurance Policies) Regulations 2010
• Insurance Regulatory and Development Authority of India (Registration of Corporate Agents) Regulations 2015
• Insurance Regulatory and Development Authority of India (Insurance Surveyors and Loss Assessors) Regulations 2015
• Insurance Regulatory and Development Authority of India (Third Party Administrators - Health Services) Regulations 2016
• Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations 2018
• Insurance Regulatory and Development Authority of India (Insurance Services by Common Public Service Centers) Regulations 2019
• Insurance Regulatory and Development Authority of India (Re-insurance Advisory Committee) Regulations 2019
• Insurance Regulatory and Development Authority of India (Expenses of Management, including Commission, of Insurers) Regulations 2024
• Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations 2024
• Insurance Regulatory and Development Authority of India (Protection of Policyholders' Interests, Operations and Allied Matters of Insurers) Regulations 2024
• Insurance Regulatory and Development Authority of India (Rural, Social Sector and Motor Third Party Obligations) Regulations 2024
• Insurance Regulatory and Development Authority of India (Insurance Products) Regulations 2024