NEW DELHI: Insurance sector regulator Insurance Regulatory and Development Authority (Irdai) on Monday announced the formation of a panel to review and consider new norms for insurance marketing firms. According to the regulator, the review is aimed at coming up with measures to improve insurance penetration in the country.
According to the regulator’s order, a review of the regulations is necessary to enable the channel to evolve and fulfil the objective of spreading insurance coverage to all stratum of the society. This panel will comprise of ten members, headed by Suresh Mathur (ED-IMF, Irdai), and has been asked to revisit the IRDAI (Registration of Insurance Marketing Firms) Regulations, 2015.
The new distribution channel of IMF was introduced in 2015 by Irdai, with the objective of increasing insurance penetration through an area’wise registration approach.
The regulator has recently held three workshops for marketing firms where it received operational feedback was received from them.
Among other things, the committee has also been asked to provide recommendations for issuing guidelines on the areas on which the regulations are silent. The panel has been directed by the regulator to submit its recommendations on the issue by the end of July.