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Insurance IRDA reviewing the recommendations for Agency Open Architecture

IRDA reviewing the recommendations for Agency Open Architecture

IRDA has set up a committee to examine the feasibility of having an open architecture model for insurance for rural bank branches

Mustafa Jawadwala Mar 15, 2011

Mumbai: IRDA has set up a committee to examine the feasibility of having an open architecture model for insurance for rural bank branches, according to sources familiar with IRDA. Unlike the current tied agency system whereby a bank or agent can deal with only one insurance company, the open architecture distribution model allows the selling of insurance products of different insurance companies.

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