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IRDA to raise fund for common services centre

The insurers can market certain categories of retail insurance polices and services through the CSC-SPV and its common service centers, the IRDA said

March 26, 2014 2:50 IST | India Infoline News Service
The Insurance Regulatory and Development Authority (IRDA) said that it has asked insurance companies to pay Rs 20 lakh each to the Common Services Centre (CSC) e-Governance Services India Ltd.
e-Governance Services is a special purpose vehicle (SPV), which has been set up to offer services through the CSC.
The insurers can market certain categories of retail insurance polices and services through the CSC-SPV and its common service centers, the IRDA said in a notification on Monday
The IRDA has said the CSC-SPV On-boarding Corpus Fund would be set up with the fund from each insurance company, which has entered into an agreement with the former for distribution of its products through CSCs.
The insurer signing this agreement has to pay Rs 5 lakh by March 31 as the first installment.

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