IRDA gives options for bancassurance tie-ups

The insurance regulator has come put with a revised set of draft regulations on bancassurance tie-ups. Bancassurance refers to  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  a corporate agent or a broker to insurance companies. Corporate agents can sell insurance products for only one insurer while  a broker can sell multiple companies’ products. Those opting to be a broker will have to first withdraw from their existing  bancassurance partnership. Read more