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Insurance Regulatory and Development Authority (Irda) has asked insurance companies to pay Rs 20 lakh each to the Common Services Centre (CSC) e-Governance Services India Ltd, a special purpose vehicle (SPV), which has been set up to offer services through the CSC.
The regulator has said the CSC-SPV On-boarding Corpus Fund would be set up with the fund from each insurance company, which has entered into an agreement with the former for distribution of its products through CSCs. The insurer signing this agreement has to pay Rs 5 lakh by March 31 this year as the first installment.
