Norms for corporate agents soon: IRDA

Insurance Regulatory and Development Authority of India (IRDA) may finalise the norms for corporate agents such as banks, IRDA Chairman T S Vijayan today said.
"This (guidelines) has been approved by the board. After the approval, it has to go through the legal vetting before coming to the gazette," Vijayan told reporters on the sidelines of a programme.
The new draft guidelines state that the corporate agents, instead of having tie-ups with a minimum of two insurers, may now choose from one to a maximum of three insurers in any particular line of the business.
The regulator had published the draft norms and approved the final norms after wide range of consultations with stakeholders and Government agencies.

"The notification may come in three to four weeks time. But insurance companies will be given some time to adjust with the new norms. From April 1, the new norms will be in full force," the IRDA head said.
Replying to a query, Vijayan said the insurance industry may grow at around 15 per cent during the current financial year.