The insurance regulator has come put with a revised set of draft regulations on bancassurance tie-ups. Bancassurance refers to Â the arrangement through which banks sells insurance products.
The Insurance Regulatory and Development Authority (IRDA) has suggested banks can sell insurance products by playing either Â a corporate agent or a broker to insurance companies. Corporate agents can sell insurance products for only one insurer while Â a broker can sell multiple companies’ products. Those opting to be a broker will have to first withdraw from their existing Â bancassurance partnership. Read more