Insurance regulator IRDAI has formed a committee to review regulations governing the Insurance Marketing Firms (IMF).
Such firms, which serve as a distribution channel for insurers, are governed by regulations announced about three years ago.
Announcing the constitution of a 10-member panel, Member-Distribution Sujay Banarji said the committee would revisit IRDAI (Registration of Insurance Marketing Firms) Regulations, 2015 and suggest issue of guidelines in areas on which existing norms were silent.
Strengthen distribution
It would also make recommendations to further strengthen the distribution channel by taking up products which fall under the jurisdiction of other financial sector regulators.
This would seek to achieve creating avenues for discussions with the other regulators.
Setting a July 31 deadline for the committee to submit the report, the order said the panel was at liberty to invite persons, as may be required, to its meetings as special invitees.
The Insurance Regulatory and Development Authority of India (IRDAI) had approved IMF in 2015 as a measure to increase insurance penetration in the country through an area-wise registration approach. Last month, at workshops it had conducted for IMFs in Chandigarh, Ahmedabad and Hyderabad, operational feedback was received from the firms.
In order to enable the distribution channel to evolve and fulfil the objective of spreading insurance coverage to all stratum of the society, a review of the regulations is necessary, Mr. Banarji said in the order.
Suresh Mathur, executive director (IMF) of IRDAI would be the chairperson of the panel, whose members would include senior officials of insurers and IMFs.
The members are: K.G.P.L. Ramadevi, GM (IMF) of IRDAI; Sourabh Bhanot, senior VP of Aviva Life Insurance; Siddharth Pradhan, GM of New India Assurance; Amit Rathi, Senior VP of Max Life Insurance; Deepti Rastogi, senior VP of Apollo Munich Health Insurance; Rakesh Kumar, ED of LIC; Girish Joshi, ED and ISP of iKuber Financial Services IMF Pvt Ltd.; and Rajinder Singh, MD of JK Insurance Marketing Pvt. Ltd. IRDAI’s AM-IMF Priya Kumari would be the member secretary.
