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News From Press IRDAI probes suspected illegal ways in bancaassurance biz

IRDAI probes suspected illegal ways in bancaassurance biz

Source: PTI/IndiaToday Jun 14, 2018

Insurance regulator IRDAI is probing suspected illegal practices by some private sector insurers and their partner banks in bancassurance channels, a senior official said.

Bancassurance refers to selling of insurance policies through banks, wherein these lenders earn revenue through such sales.

It has come to the IRDAI's notice that some of the insurers are offering commission or remuneration to the bankers that is more than the maximum stipulated levels under the norms, a senior regulatory official said.

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