Referrral company licences can be renewed: Irda

Earlier regulations stated that approval to referral company valid for only three years

Insurance Regulatory and Development Authority (Irda) today said that the insurers can tie-up with referral companies for three years and it can later be renewed for another three years after approval by the regulator.

Earlier regulations by Irda had stated that the approval granted by the Authority to the referral company is valid for a period of three years from the date of grant of such approval.

Now it has clarified that if there is mutual consent and the Referral Company is eligible to continue the referral arrangement with the Insurer in accordance to Irda norms.