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Title: Exposure Draft
Reference No.: --
Date: 02/04/2014
Draft IRDA(Insurance Marketing firm) Regulations 2014
Circular
The Authority has been contemplating allowing distribution companies to have multiple tie-ups with insurers, a model akin to Independent Financial Advisor based on the recommendations of the Govardhan Committee on Distribution. In this connection, meetings were held with representatives of life and non-life insurance companies and with cross section of marketing personnel in life and general insurance industry at Hyderabad. Consequently, a working group was constituted having five CEOs each from life and non-life insurance companies to study the concept and recommend a suitable model.
Subsequent to the above, brainstorming sessions were held on the new distribution channel at Mumbai, Chennai, Bengaluru and Kolkatta to obtain the view of cross section of marketing personnel in life and general insurance industry.
The working group has since submitted its report and based on the same draft IRDA(Licensing of Insurance Marketing Firm) Regulations, 2014 have been framed which are attached with this circular.
The exposure draft is published to seek the comments of all stakeholders. The comments may be sent by 15th April, 2014 to the e-mail id dsmurthy at irda dot gov dot in
or to the following address.
or to the following address.
Randip Singh Jagpal
Sr. Joint Director
Insurance Regulatory and Development Authority
3rd Floor, Parisrama Bhavan
Bashir Bagh
Hyderabad – 500 004
(Randip Singh Jagpal)
Sr. Joint Director
