Govt Removes Age Limit for IDRA Chairperson and Members

Staff Correspondent: The government has officially removed the age limit for appointing the chairperson and members of the Insurance Development and Regulatory Authority (IDRA), the country’s insurance sector regulator, through a newly issued gazette notification.

The decision follows the approval of the draft Insurance Development and Regulatory Authority (Amendment) Act, 2026 on April 23. The amendment brings changes to the existing Insurance Development and Regulatory Authority Act, 2010, especially in relation to appointment criteria.

Previously, under Section 7, Sub-section (3), Clause (chha) of the 2010 law, the maximum age limit for appointing the IDRA chairperson and members was set at 67 years. With the latest amendment, this provision has been removed, ending the upper age restriction for these positions.

According to the gazette, the amended law will be known as the Insurance Development and Regulatory Authority (Amendment) Act, 2026 and it has come into effect immediately.

The amendment also makes some technical changes to Section 7(3) of the 2010 law. The word “or” has been added after Clause (neo), while the phrase “; or” in Clause (cha) has been replaced with a full stop. Most importantly, Clause (chha), which contained the 67-year age limit, has been repealed.

As a result, there is now no maximum age ceiling for appointments to the posts of IDRA chairperson and members. The change will allow the government to appoint eligible and experienced individuals to the regulator’s top positions without being restricted by age.