India: Insurance Laws and Products

Hot on the heels of adoption of the Sabka Bima Sabki Raksha (Insurance for All, Protection for All) (Amendment of Insurance Laws) Act, 2025 (Amendment Act), the Insurance Regulatory and Development Authority of India (IRDAI) has begun translating the “Insurance 2.0” reforms into its operating framework. Our coverage of the journey so far is set out in our Ergos dated 9 December 2024, 3 February 2025, 5 September 2025, 18 December 2025, 16 January 2026, 4 February 2026 and 15 June 2026.

As set out in our previous Ergos of 9 December 2024, 3 February 2025, 5 September 2025, 18 December 2025, 16 January 2026 and 4 February 2026, there has been a significant shift in the foreign investment regime in the insurance sector with the announcement of the foreign direct investment (FDI) cap in the insurance sector being raised to 100% (from the previous threshold of 74%).

The International Energy Agency has since described the resulting disruption as the largest to the global oil market in its history. Brent crude hit its peak at USD 126 per barrel in March 2026 and is presently at approximately USD 80, and over 2,000 ships and 20,000 mariners remain stranded in the Persian Gulf.

On 2 May 2026, the Ministry of Finance (Department of Economic Affairs) issued Statutory Order No. 2186(E) in the Gazette of India Extraordinary, effecting a landmark amendment to the Foreign Exchange Management...

GIFT IFSC, India's first international financial services centre, continues its rapid evolution as a globally competitive financial hub under the unified regulation of IFSCA. Recent developments span critical regulatory frameworks for capital raising, aircraft leasing SPVs, cybersecurity mandates for market infrastructure, pension fund regulations, and landmark approvals including India's first foreign family office registration.

India's digital payments story has been extraordinary. In two decades, India moved from RTGS and paper cheques to Unified Payments Interface processing nearly half of the world's real-time transactions.

In Sukhvir Singh v. United India Insurance Co. Ltd.1, the District Consumer Disputes Redressal Commission-II, U.T. Chandigarh, delivered a significant ruling on the interplay between...

RGA International Reinsurance Company DAC, an Ireland-based life reinsurer entered into reinsurance arrangements with Indian insurers and received reinsurance premiums for assuming risk overseas.

The Insurance Regulatory and Development Authority of India has issued new guidance addressing a critical compliance challenge for Indian insurers seeking to invest in Alternative Investment Funds...