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ICICI Lombard Expert Blog

IRDAI to Review Regulations for Insurance Marketing Firms

June 18 2018

With a purpose to review the regulations governing the Insurance Marketing Firms (IMF), the Insurance Regulatory and Development Authority of India has created a committee.

Sujay Banarji, Member-Distribution said that the 10-member panel committee would revisit IRDAI regulations 2015 and suggest the issue of guidelines in the areas where the rules were silent.

To strengthen the distribution channel, the committee would also make recommendations. It would also take up the products which fall under the jurisdiction of other financial sector regulators. This would help to create avenues for discussions with other regulators. The committee set the deadline for 31st July to submit the report. The panel has the liberty to invite people to its meetings as special invitees if required.

To increase the insurance penetration in the country through an area-wise registration approach, the Insurance Regulatory and Development Authority of India had approved the Insurance Marketing Firms in 2015. During the workshop conducted for the Insurance Marketing Firms in Hyderabad, Chandigarh, and Ahmedabad, operational feedback was received.

Banarji stated in the order that the review of regulations is required to enable the distribution channel to develop and fulfil the objective of expanding insurance coverage to all stratum of the society. The executive director of IRDAI, Suresh Mathur, would be the chairperson of the panel. The members would include the senior officials of Insurance Marketing Firms, who will lend their expertise and valuable insights to the entire process. Priya Kumar, AM, IRDAI will be the member secretary.

*Source: The Hindu

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