Insurance

So far, sales representatives who are appointed by agents were allowed to distribute health insurance, crop and other non-life products only.

IRDAI has asked Shriram Life Insurance to pay the penalty amount within 15 days.

In the first half of current financial year i.e. HFY 2015-16, 30 new entities have received licenses from IRDAI to float Insurance Marketing Firm (IMF), taking the total count of such players to 44.

IRDA has mandated policyholders to have e-insurance account with effect from October 1.

Apart from execution charges, PFRDA has allowed retirement advisers to charge an advisory fee of 0.02% of AUM subject to minimum of Rs.100 and maximum of Rs. 1,000.

The findings include that south India has the highest percentage of underinsured people - 59% of policyholders.

IRDAI Chairman T S Vijayan said that insurance marketing firm (IMF) will be a game changer in the insurance distribution space.

SBI Life was found to have solicited business through unauthorized agents.

IRDAI Chairman T S Vijayan said that central KYC will help increase insurance penetration.

IRDAI Chairman T.S. Vijayan has said that insurance intermediaries can grow their business by appointing point of sales persons (PoSPs).

The insurance regulator will finalize the commission structure of agents by October.

This practice is prevalent in international markets.

In just eight months, 30 new entities have received licenses from IRDAI to float Insurance Marketing Firm (IMF), taking the total count of such players to 34.

Nilesh Sathe, Member - Life, IRDAI said that while online distribution channel may grow in the days to come, traditional agency channel will not be affected as people need handholding to buy insurance policies.