IRDA proposes draft on Insurance Marketing Firm norms

India Infoline News Service | Mumbai |

The exposure draft invites comments from all stakeholders

The Insurance Regulatory and Development Authority (IRDA) has been contemplating allowing distribution companies to have multiple tie-ups with insurers, a model akin to Independent Financial Advisor based on the recommendations of the Govardhan Committee on Distribution.
In this connection, meetings were held with representatives of life and non-life insurance companies and with cross section of marketing personnel in life and general insurance industry at Hyderabad. Consequently, a working group was constituted having five CEOs each from life and non-life insurance companies to study the concept and recommend a suitable model, the IRDA said in a notification on Monday.
Brainstorming sessions were held on the new distribution channel at Mumbai, Chennai, Bengaluru and Kolkatta to obtain the view of cross section of marketing personnel in life and general insurance industry, it added.
The working group has since submitted its report and based on the same draft IRDA (Licensing of Insurance Marketing Firm) Regulations, 2014 have been framed.
The exposure draft invites comments from all stakeholders. The comments may be sent by 15th April, 2014 to the IRDA.
 

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