IRDAI to review Insurance Marketing Rules

The Insurance Regulatory and Development Authority of India (IRDAI) panel to revisit the insurance marketing rules and make necessary recommendations. The concept of allowing marketing firms to solicit or procure insurance products, undertake insurance service activities and distribute other financial products, was introduced based on the recommendations of the Govardhan Committee, which submitted its report in 2007. The idea of the distribution channel was introduced to encourage entrepreneurs to provide customers in non-urban areas a facility to access a complete range of financial protection services.

The IRDAI committee as headed by Suresh Mathur, executive director of IRDAI, and includes Siddharth Pradhan, general manager of New India Assurance, Deepti Rastogi, senior vice-president of Apollo Munich Health, Rajinder Singh, managing director of JK Insurance Marketing, and Rakesh Kumar, executive director of the Life Insurance Corporation of India, is to provide recommendations on how best to strengthen the insurance marketing firms’ channel by taking up products which fall under the jurisdiction of other financial sector regulators.