Irdai may offer more flexibility to insurers in corporate agency tie-ups

Insurance regulator's board proposes limit on expenses of management for general insurers

In the recently concluded board meeting of the Insurance Regulatory and Development Authority of India (Irdai), the regulator has sought to provide greater flexibility to insurers as far as their corporate agency tie-ups are concerned, people in the know said.

The regulator has mooted the proposal that corporate agents can tie-up with up to 9 insurers each in the general, life, and health insurance sectors. Currently, corporate agents are permitted to distribute products of three insurance companies each in the life, health, and general insurance sector.

This would provide a significant boost to the bancassurance channel as insurers will