Govt notifies amendments in insurance intermediaries regulations — banks can now tie-up with 9 insurers

The government has notified amendments in insurance intermediaries regulations. As part of this, there will be increase in maximum number of tie-ups for Corporate Agents (CA) and Insurance Marketing Firms (IMF). Consequently, policyholders will now get wider choices and access to insurance plans through various distribution channels.

Earlier, corporate agents and IMFs were permitted to tie up with only 3 and 2 insurers respectively. Now, Insurance Regulatory and Development Authority of India (IRDAI) has allowed them to increase their tie-up limits to nine and six insurers each for life, general and health insurers.

For corporate agent (composite), the total number of arrangements ( life, general and health) shall not exceed 27, IRDAI said.