India: Insurance Laws and Products

The Insurance Regulatory and Development Authority of India (“IRDAI”), through its Circular dated 25 May 2026, has amended the Master Circular on Corporate Governance for Insurers, 2024 to revise the performance assessment and remuneration framework applicable to Key Management Personnel (“KMPs”) of insurers. While the amendments formally relate to executive remuneration, they reflect a broader regulatory shift towards policyholder-centric governance, enhanced management accountability and greater transparency within the insurance sector.

The May 2026 edition of Fox & Mandal's newsletter examines the net settlement mechanism for FPIs; revised registration norms for NBFCs; SEBI’s amended disqualification norms for intermediary; Draft National Water Metro Policy, 2026; FEM (Authorised Persons) Regulations, 2026; proposed alignment of the securitisation framework with RBI norms; and other changes in India's corporate, capital markets, infrastructure, and banking sectors

The Supreme Court of India has delivered a landmark ruling clarifying when government welfare benefits can be deducted from motor accident compensation awards.

The rapid expansion of global trade has made containerized shipping the backbone of international commerce. Within this system, shipments are typically categorized as Full Container Load...

The IRDAI first introduced the regulatory sandbox framework in 2019 with the objective of permitting controlled experimentation in the insurance sector while maintaining policyholder protection and orderly market development.

India's insurance sector underwent transformative regulatory changes in Q1 2026, with the government increasing foreign direct investment limits to 100% and IRDAI implementing sweeping modernization measures. These developments signal unprecedented opportunities for international stakeholders while introducing new compliance frameworks for domestic players navigating the evolving regulatory landscape.

Life insurance contracts, like all insurance agreements, are considered contracts of uberrimae fidei, a Latin phrase that translates to "utmost good faith."

The Government of India has notified 5 February 2026 as the commencement date for the Sabka Bima Sabki Raksha (Insurance for All, Protection for All) (Amendment of Insurance Laws) Act, 2025, including 100% foreign investment in Indian insurers.

The MoF by way of Notification No. G.S.R. 928(E) dated 30.12.2025 notified the Indian Insurance Companies (Foreign Investment) Amendment Rules, 2025 ("Amendment Rules") to amend the Indian Insurance Companies (Foreign Investment) Rules, 2015 ("Principal Rules").