ProTec gets insurance licence; Irdai revamps key guidelines

MUMBAI: The Insurance coverage Regulatory and Growth Authority of India (Irdai) has granted a certificates of registration to ProTec Common Insurance coverage-making it the fourth insurance coverage licence issued this year-and permitted a sweeping set of reforms protecting funding norms, capital infusion, middleman registrations, policyholder safety, and regulatory enforcement.

The approvals had been cleared on the regulator’s assembly held in Hyderabad on July 28.

ProTec Common Insurance coverage will likely be allowed to undertake basic insurance coverage enterprise below the relevant regulatory framework. The 4 registrations granted thus far in calendar 2026 embody two basic insurers, one well being insurer and one reinsurer, Irdai mentioned.

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The regulator permitted amendments to the actuarial, finance and funding laws and the principles governing registration, capital construction, share transfers and amalgamations.

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Irdai permitted the Irdai (Policyholders’ Training and Safety Fund) Rules, 2026, operationalising the Policyholders’ Training and Safety Fund created below the amended regulation.