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Insurance Regulatory and Development Authority (Irda) has set up a a seven committee to review the practices in insurance broking and review the entire Irda (Insurance Brokers) Regulations, 2002.
Irda said that they have taken a decision to review insurance broking, in wake of issues like violation of regulations by some brokers, proposal to let banks become insurance brokers and draft on sub-broking.
The committee, headed by Suresh Mathur, joint director of Irda will consist of members from Irda, General Insurance Corporation, New India Assurance, SBI Life and IBAI.
The committee will submit its report on or before April 30, 2013.
