Encouraging the open architecture framework, IRDAI has raised the maximum tie-up limit for corporate agents like banks and insurance marketing firms (IMFs).
In a circular, the insurance regulator has allowed corporate agents to tie-up with a maximum of nine insurers instead of the present limit of three. With this, banks can sell insurance policies of nine life, nine non-life and nine standalone health insurers.
For IMFs, IRDAI has raised the limit from two insurers to six insurers in each insurance category.
IRDAI said, “In order to enable the policyholders/prospects to have wider choice and access to insurance through various distribution channels and facilitate the reach of insurance to the last mile, the maximum number of tie ups for corporate agents (CA) and insurance marketing firms (IMF) have been increased. Now, a CA can tie up with 9 insurers (earlier 3 insurers) and IMF can tie up with 6 insurers (earlier 2 insurers) in each line of business of life, general and health for distribution of their insurance products. The area of operation of IMF has also been expanded to cover entire state in which they are registered.”
Meanwhile, IRDAI has approved registration of Kshema General Insurance and given go ahead to Go-digit General Insurance to get listed.
