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News From Press Banks keen to tie up with multiple insurers

Banks keen to tie up with multiple insurers

Source: Business Standard Mar 22, 2016

Around 40 banks have evinced interest to open up their branch network to more than one insurance company in the life, non-life and health segments.

From April 1, new norms for corporate agency channels will come into place.

Nilesh Sathe, member (life) at the Insurance Regulatory and Development Authority of India (Irdai), said even those banks that are promoters of insurance companies have expressed interest to follow an open architecture.

This means those without bank partners or promoters can tie up with these banks. This would help them reach customers throughout the country through these bank branches.

According to corporate agency rules, banks can tie up with up to three life, three non-life and three standalone health insurers to sell their insurance products. However, with banks being given the ultimate liability on any product they sell, experts say the opening up might not yield any results in the near term.

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