IRDAI proposes to increase the limit of tie-ups between insurers, agents

IRDAI proposes to increase the limit of tie-ups between insurers, agents

Insurance regulator IRDAI on Wednesday proposed to increase the maximum limit of ties between insurers and intermediaries (agents) as well as marketing firms to give policyholders wider access to purchase cover.

In an exposure draft on insurance intermediaries, the Insurance Regulatory and Development Authority of India (IRDAI) has proposed to increase the maximum limit of contracts with insurers for corporate agents from the existing three to nine for each category of insurance.

The draft regulation also proposes to increase the maximum limit of tying points for insurers for insurance companies from the current two for each category of insurance to six.

The regulator has sought comments from stakeholders on the exposure draft (amendment) of the IRDAI (Insurance Intermediaries) Regulations, 2022 by August 24.

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