The Insurance Regulatory and Development Authority of India (Irdai) formed a taskforce that will review the existing bancassurance framework and improve the efficiency of the same amid complaints of mis-selling/forced selling of policies.
"Despite the large network of banks through their branches across the length and breadth of the country, the contribution of banks as corporate agents was 5.93 per cent of non-life premium and 17.44 per cent of new business premium for life insurance in the financial year 2022-23," Irdai said in its circular.
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