Taxmann Insurance Laws Manual Edition 2025

This book provides a comprehensive and updated compendium for the legal framework that governs the insurance industry in India. It compiles and presents the texts of the Insurance Regulatory and Development Authority Act, 1999 (IRDA), the Insurance Act, 1938, and over 50 associated rules and regulations essential for the regulation, development, and operational governance of insurance companies, agents, and related entities. The book includes updated and amended versions of legal texts, such as:

• Insurance Regulatory and Development Authority Act, 1999, as amended up to date
• 50+ Rules/Regulations framed under the IRDA Act
• Insurance Act, 1938, as amended up to date, along with:
• Applicability of Provisions of the Insurance Act to SEZs/IFSCs
• Insurance (Appeal to Securities Appellate Tribunal (Rules), 2016
• Master Directions – Insurance, including FED Master Direction No. 9/2015-16, Dated 1-1-2016 (Updated as of 7th December, 2021)

This book helps understand the legal landscape of the insurance sector, providing the regulatory requirements, compliance obligations, and procedural guidelines required for the industry’s smooth functioning.

The Present Publication is the 27^th Edition | 2025 and amended up to 26^th November 2024. This book is edited by Taxmann’s Editorial Board, with the following coverage:

• Insurance Regulatory and Development Authority Act, 1999
• Arrangement of Sections
• Text of the Insurance Regulatory and Development Authority Act, 1999, as amended up to date
• Subject Index

Rules & Regulations Framed under Insurance Regulatory and Development Authority Act, 1999

• Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016
• Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) Regulations, 2021
• Insurance Regulatory and Development Authority (Licensing of Insurance Agents) Regulations, 2000
• Insurance Regulatory and Development Authority of India (General Insurance – Re-insurance) Regulations, 2016
• Insurance Regulatory and Development Authority of India (Assets, Liabilities and Solvency Margin of General Insurance Business) Regulations, 2016
• Insurance Regulatory and Development Authority of India (Assets, Liabilities and Solvency Margin of Life Insurance Business) Regulations, 2016
• Insurance Regulatory and Development Authority (Meetings) Regulations, 2000
• Insurance Regulatory and Development Authority (Insurance Advisory Committee) Regulations, 2000
• Insurance Regulatory and Development Authority of India (Investment) Regulations, 2016
• Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002
• Insurance Regulatory and Development Authority (Salary and Allowances Payable to, and Other Terms and Conditions of Service of Chairperson and Other Members) Rules, 2000
• Insurance Regulatory and Development Authority (Conditions of Service of Officers and Other Employees) Regulations, 2000
• Insurance Regulatory and Development Authority of India (Third Party Administrators – Health Services) Regulations, 2016
• Insurance Regulatory and Development Authority (Annual Report – Furnishing of Return, Statements and Other Particulars) Rules, 2000
• Insurance Regulatory and Development Authority (Form of Annual Statement of Accounts and Records) Rules, 2001
• Insurance Regulatory and Development Authority of India (Re-insurance) Regulations, 2018
• Insurance Regulatory and Development Authority of India (Re-insurance Advisory Committee) Regulations, 2019
• Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests) Regulations, 2017
• Insurance Regulatory and Development Authority (Distribution of Surplus) Regulations, 2002
• Insurance Regulatory and Development Authority (Manner of Receipt of Premium) Regulations, 2002
• Insurance Regulatory and Development Authority (Licensing of Corporate Agents) Regulations, 2002
• Tariff Advisory Committee (Election of Members, Meetings, Functions and Miscellaneous) Regulations, 2004
• Insurance Regulatory and Development Authority of India (Micro Insurance) Regulations, 2015
• Insurance Regulatory and Development Authority (Sharing of Database for Distribution of Insurance Products) Regulations, 2010
• Insurance Regulatory and Development Authority (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010
• Insurance Regulatory and Development Authority (Scheme of Amalgamation and Transfer of General Insurance Business) Regulations, 2011
• Insurance Regulatory and Development Authority of India (Issuance of Capital by Indian Insurance Companies Transacting Life Insurance Business) Regulations, 2015
• Insurance Regulatory and Development Authority (Scheme of Amalgamation and Transfer of Life Insurance Business) Regulations, 2013
• Insurance Regulatory and Development Authority (Life Insurance-Re-insurance) Regulations, 2013
• Insurance Regulatory and Development Authority of India (Health Insurance) Regulations, 2016
• Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
• Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019
• Insurance Regulatory and Development Authority of India (Issuance of Capital by Indian Insurance Companies Transacting other than Life Insurance Business) Regulations, 2015
• Insurance Regulatory and Development Authority (Sharing of Confidential Information Concerning Domestic or Foreign Entity) Regulations, 2012
• Insurance Regulatory and Development Authority (Licensing of Banks as Insurance Brokers) Regulations, 2013
• Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017
• Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
• Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015
• Insurance Regulatory and Development Authority of India (Fee for Registering Cancellation or Change of Nomination) Regulations, 2015
• Insurance Regulatory and Development Authority of India (Fee for Granting Written Acknowledgement of the Receipt of Notice of Assignment or Transfer) Regulations, 2015
• Insurance Regulatory and Development Authority of India (Obligation of Insurer in Respect of Motor Third Party Insurance Business) Regulations, 2015
• Indian Insurance Companies (Foreign Investment) Rules, 2015
• Insurance Regulatory and Development Authority of India (Places of Business) Regulations, 2015
• Insurance Regulatory and Development Authority of India (Maintenance of Insurance Records) Regulations, 2015
• Insurance Regulatory and Development Authority of India (Registration of Corporate Agents) Regulations, 2015
• Insurance Regulatory and Development Authority of India (Obligations of Insurers to Rural and Social Sectors) Regulations, 2015
• Insurance Regulatory and Development Authority of India (Minimum Limits for Annuities and Other Benefits) Regulations, 2015
• Insurance Regulatory and Development Authority of India (Acquisition of Surrender and Paid-up Values) Regulations, 2015
• Insurance Regulatory and Development Authority of India (Insurance Services by Common Public Service Centres) Regulations, 2019
• Insurance Regulatory and Development Authority of India (Registration and Operations of Branch Offices of Foreign Re-insurers other than Lloyd’s) Regulations, 2015
• Insurance Regulatory and Development Authority of India (Regulation of Insurance Business in Special Economic Zone) Rules, 2015
• Insurance Regulatory and Development Authority of India (Insurance Surveyors and Loss Assessors) Regulations, 2015
• Insurance Regulatory and Development Authority of India (Issuance of e-Insurance Policies) Regulations, 2016
• Insurance Regulatory and Development Authority of India (Loans or Temporary Advances to the Full Time Employees of the Insurers) Regulations, 2016
• Insurance Regulatory and Development Authority of India (Lloyd’s India) Regulations, 2016
• Insurance Regulatory and Development Authority of India (Inspection and Fee for Supply of Copies of Returns) Regulations, 2015
• Insurance (Procedure for Holding Inquiry by Adjudicating Officer) Rules, 2016
• Insurance Regulatory and Development Authority of India (Appointment of Insurance Agents) Regulations, 2016
• Insurance Regulatory and Development Authority of India (Outsourcing of Activities by Indian Insurers) Regulations, 2017
• Insurance Ombudsman Rules, 2017
• Insurance Regulatory and Development Authority of India Guidelines on Transitory Provisions under Insurance Regulatory and Development Authority of India (Appointed Actuary) Regulations, 2017
• Insurance Regulatory and Development Authority of India (Investment by Private Equity Funds in Indian Insurance Companies) Guidelines, 2017
• Insurance Regulatory and Development Authority of India (Regulatory Sandbox) Regulations, 2019
• Insurance Regulatory and Development Authority of India (Minimum Information Required for Investigation and Inspection) Regulations, 2020
• Insurance Regulatory and Development Authority of India (Manner of Assessment of Compensation to Shareholders or Members on Amalgamation) Regulations, 2021
• Insurance Regulatory and Development Authority of India (Other Forms of Capital) Regulations, 2022
• Insurance Regulatory and Development Authority of India (Registration of Indian Insurance Companies) Regulations, 2022
• Insurance Regulatory and Development Authority of India (Appointed Actuary) Regulations, 2022
• Insurance Regulatory and Development Authority of India (Payment of Commission) Regulations, 2023
• Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting Life Insurance Business) Regulations, 2023
• Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting General or Health Insurance Business) Regulations, 2023

Insurance Act, 1938

• Arrangement of Sections
• Text of the Insurance Act, 1938, as amended up to date
• Appendix I: Applicability of provisions of this Act to SEZs/IFSCs
• Subject Index
• Insurance (Appeal to Securities Appellate Tribunal) Rules, 2016

Master Directions – Insurance

FED Master Direction No. 9/2015-16, Dated 1-1-2016

(Updated as on December 7, 2021)