diff --git a/main.tf b/main.tf
index 2dffeea..ae0373b 100644
--- a/main.tf
+++ b/main.tf
@@ -83,14 +83,16 @@ resource "aws_iam_policy" "this" {
   path        = local.aws_iam_path_prefix
   # We use a heredoc for the policy JSON so that we can more easily diff and
   # copy/paste from upstream. Ignore whitespace when you diff to more easily see the changes!
-  # Source: `curl -o iam-policy.json https://raw.githubusercontent.com/kubernetes-sigs/aws-load-balancer-controller/v2.3.1/docs/install/iam_policy.json`
+  # Source: `curl -o iam-policy.json https://raw.githubusercontent.com/kubernetes-sigs/aws-load-balancer-controller/v2.6.1/docs/install/iam_policy.json`
   policy = <<-POLICY
 {
     "Version": "2012-10-17",
     "Statement": [
         {
             "Effect": "Allow",
-            "Action": "iam:CreateServiceLinkedRole",
+            "Action": [
+                "iam:CreateServiceLinkedRole"
+            ],
             "Resource": "*",
             "Condition": {
                 "StringEquals": {
@@ -281,6 +283,28 @@ resource "aws_iam_policy" "this" {
                 }
             }
         },
+        {
+            "Effect": "Allow",
+            "Action": [
+                "elasticloadbalancing:AddTags"
+            ],
+            "Resource": [
+                "arn:aws:elasticloadbalancing:*:*:targetgroup/*/*",
+                "arn:aws:elasticloadbalancing:*:*:loadbalancer/net/*/*",
+                "arn:aws:elasticloadbalancing:*:*:loadbalancer/app/*/*"
+            ],
+            "Condition": {
+                "StringEquals": {
+                    "elasticloadbalancing:CreateAction": [
+                        "CreateTargetGroup",
+                        "CreateLoadBalancer"
+                    ]
+                },
+                "Null": {
+                    "aws:RequestTag/elbv2.k8s.aws/cluster": "false"
+                }
+            }
+        },
         {
             "Effect": "Allow",
             "Action": [
diff --git a/variables.tf b/variables.tf
index 4e9495d..002dcd2 100644
--- a/variables.tf
+++ b/variables.tf
@@ -67,7 +67,7 @@ variable "aws_tags" {
 variable "aws_load_balancer_controller_chart_version" {
   description = "The AWS Load Balancer Controller version to use. See https://github.com/aws/eks-charts/releases/ and https://github.com/kubernetes-sigs/aws-load-balancer-controller/releases for available versions"
   type        = string
-  default     = "1.3.3"
+  default     = "2.6.1"
 }
 
 variable "alb_controller_depends_on" {