IRDAI: New Sales Rules

IRDAI has issued new guidelines that require every insurance policy to be tagged to the selling insurance advisor or intermediary from January 2027

The move is aimed at curbing mis-selling and increasing transparency in the insurance sales process

This change means that advisors will need to ensure their details are accurately recorded on each policy they sell, and that they are authorised to sell the specific products they are offering

Insurers will also need to implement systems to capture and store this information, which may involve updates to their policy administration systems

Advisors should await official communication from their partner insurers on the specific requirements and processes they will need to follow to comply with the new rules

Details on the implementation and any additional requirements are sparse, so advisors should monitor updates from IRDAI and their insurers for further guidance