India: Insurance Laws and Products

It is frequently assumed that insurance brokers and insurance agents occupy the same role, and the two terms are often used interchangeably in common parlance. However, each role is legally and functionally distinct and serves different stakeholders in the insurance sector.

India’s enactment of the Digital Personal Data Protection Act, 2023 (“DPDP Act”) marks a decisive shift toward a modern data protection regime anchored in accountability, consent, and enforcement. While the statute is primarily directed at “data fiduciaries,” its implications extend well beyond operational compliance. At the boardroom level, the Act has triggered a reassessment of governance responsibilities, risk allocation, and critically Directors and Officers (“D&O”) insurance.

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...

Due to the ongoing turmoil in the Middle East, many supply chain contracts are in disarray. The Strait of Hormuz has been cordoned off, through which approximately 20% of global petroleum liquids transit daily, driving up war-risk premiums and energy prices.

The Government of India has, with effect from 5 February 2026, permitted 100% foreign direct investment (FDI) in Indian insurance companies and insurance intermediaries.

On 11 February 2026, the Reserve Bank of India (RBI) released draft amendments (Draft Amendments) to the RBI (Undertaking of Financial Services) Directions, 2025 (Financial Services Directions) and the RBI (Responsible Business Conduct) Directions, 2025 (Business Conduct Directions) for various RBI-regulated entities (REs).

Clauses in insurance policies imposing a 12-month deadline for filing claims are void, says the Delhi High Court as these contravene §28 of the Indian Contract Act 1872.

Following the Union Cabinet's approval on 12 December 2025, the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill 2025 has now been passed by both Houses of Parliament and is pending the President's assent and notification in the Official Gazette, ...

The highly anticipated Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025 (Insurance Bill), seeking to allow 100% foreign investment in the insurance sector...