Norms for corporate agents soon: IRDA
Norms for corporate agents soon: IRDA. Insurance Regulatory and Development Authority of India (IRDA) which regulates insurance sector in the country is likely to finalise guidelines for corporate agents such as banks soon, according to its Chairman T S Vijayan.
Hyderabad: Insurance Regulatory and Development Authority of India (IRDA) which regulates insurance sector in the country is likely to finalise guidelines for corporate agents such as banks soon, according to its Chairman T S Vijayan.
The IRDA chief said the board had given its nod for the guidelines which would now go through the legal vetting before a gazette notification is issued. He was speaking to media after launching HDFC Life CSC Suraksha Plan here on Thursday.
The new draft guidelines will allow the corporate agents to represent from one to a maximum of three insurers in any particular line of the business. At present, they are permitted to have tie-ups with a minimum of two insurance companies.
The regulator had published the draft norms and approved the final norms after wide range of consultations with stakeholders and Government agencies. "The notification may come in three to four weeks time.
But insurance companies will be given some time to adjust with the new norms. From April 1, the new norms will be in full force," the IRDA chief said. Responding to a question, he said the insurance industry may grow at around 15 per cent during the current financial year.
HDFC Life CSC Suraksha Plan, which will be sold exclusively through common service centres (CSC) such as MeeSeva centres. Targeted at semi-urban and rural India, the term insurance plan has annual premium of as low as Rs 112.
