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Insurance IRDAI constitute a committee to review open architecture model in insurance distribution

IRDAI constitute a committee to review open architecture model in insurance distribution

The committee will look into ways to strengthen the insurance marketing firms (IMFs).
Team Cafemutual Jun 21, 2018

IRDAI has constituted a 10-member committee to review open architecture model in insurance distribution i.e. insurance marketing firm (IMF) regulation.

Suresh Mathur, Executive Director, IRDAI is the Chairman of the committee.

Here are the key responsivities of the committee

  • To review insurance marketing firm regulations
  • To issue guidelines on the areas on which the regulations are silent
  • To strengthen IMFs by helping them offer other financial products such as mutual funds and NPS falling under the jurisdiction of other financial regulators.

The committee is expected to submit its recommendations to IRDAI by July 31.

IMFs can sell insurance policies of two life, two general and two health insurance companies. In addition, IMFs can also sell other financial products like mutual funds and pension products by floating an IMF, subject to respective regulatory approval.

Currently, there are 219 insurance marketing firms in India.

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