Insurance, Re-insured

On 17 December 2025, the Parliament passed the Sabka Bima Sabki Raksha Bill 2025, which amends the Insurance Act, 1938 (the Act), the Life Insurance Corporation Act, 1956, and the Insurance Regulatory and Development Authority Act, 1999.

Here is a brief summary of what has changed:

1. Expanded scope for insurance intermediaries

An insurance intermediary is a person or entity that acts as a bridge between an insurance company and a customer. This category includes agents, brokers, and consultants. The Bill expands this definition to include Managing General Agents (MGAs) and Insurance Repositories. MGAs are specialized, autonomous agents that function autonomously through delegated authority from an insurer. This often includes the power to underwrite and settle claims. Insurance Repositories are entities that store insurance policies in digital format for policyholders.