Niva Bupa Health Insurance Company Ltd, a listed standalone health insurer, has received a Show Cause Notice (SCN) from the Insurance Regulatory and Development Authority of India (IRDAI) following an inspection conducted in February 2025.
The company disclosed the development in an exchange filing.
IRDAI had conducted an inspection of the insurer in February 2025 and subsequently shared its observations. The company said it had “duly replied” to those observations.
On February 26, 2026, IRDAI issued a Show Cause Notice in relation to “business and operational aspects of the Company.” Niva Bupa said it is “in the process of submitting its response to IRDAI.”
In addition to the SCN, the regulator also issued a Letter of Advice on certain matters, advising compliance measures.
The Letter of Advice flagged violations of certain provisions under IRDAI’s Master Circular on Health Insurance Business, Master Circular on Protection of Policyholders’ Interest, and Master Circular on Corporate Governance.
“The Company is in process of implementing necessary actions as advised in the letter. There is no impact on financial, operation or other
activities of the Company arising therefrom at this stage,” the company said in its filing note.
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The SCN pertains to business and operational issues identified during the inspection. Separately, the Letter of Advice calls for corrective steps and compliance measures on specified matters.
The company stated that it has enclosed the required disclosures under Regulation 30 and confirmed that the details provided are “true, correct and complete to the best of our knowledge and belief.”
Niva Bupa clarified that there is “no impact on financial, operation or other activities of the Company arising therefrom at this stage.”
The insurer has requested the exchanges to take the information on record, adding that it is cooperating with the regulator and will respond to the notice in due course.
Shares of Niva Bupa closed today’s trading session 2.3% lower at ₹74.69 on the NSE.
