Document Detail

Title: Order
Reference No.: IRDA/INT/ORD/IMF/092/06/2018
Date: 15/06/2018
Constitution of Committee for Review of IMF Regulations.

Ref:IRDA/INT/ORD/IMF/092/06/2018 Date: 15thJune, 2018


Re:Constitution of Committee for Review of IMF Regulations.

The new distributionchannel of Insurance Marketing Firm (IMF) was introduced in 2015 by IRDAI, withthe objective of increasing insurance penetration in the country through anarea–wise registration approach. The channel has now been in operation forthree years. IRDAI also conducted three workshops for the IMFs at Chandigarh,Ahmedabad and Hyderabad in May’ 2018, wherein operationalfeedback was received from them. In order to enable the channel to evolve andfulfill the objective of spreading insurance coverage to all stratum of thesociety, a review of the Regulations is necessary.


TheAuthority hereby constitutes the following Committee to examine the Regulationsand make necessary recommendations:

1.    Shri.Suresh Mathur, ED (IMF), IRDAI – Chairperson,

2.    Smt.K.G.P.L. Ramadevi, GM (IMF), IRDAI – Member,

3.    Shri.Sourabh Bhanot, Sr. VP, Aviva Life Ins. Co. India Ltd.– Member,

4.    Shri.Siddharth Pradhan, GM, The New India Assurance Co. Ltd.– Member,

5.    Shri.Amit Rathi, Sr. VP, Max Life Ins. Co. Ltd. – Member,

6.    Smt.Deepti Rastogi, Sr. VP, Apollo Munich Health Ins. Co. Ltd. – Member,

7.    Shri.Rakesh Kumar, ED, Life Insurance Corporation of India – Member,

8.    Shri.Girish Joshi, ED & ISP, iKuber Financial Services IMF Pvt. Ltd. – Member,

9.    Shri.Rajinder Singh, MD, JK Insurance Marketing Pvt. Ltd. – Member,

10. Ms. PriyaKumari, AM, IMF, IRDAI – Member Secretary.

The Termsof Reference of the Committee shall include the following:

1.    Revisitingthe IRDAI (Registration of Insurance Marketing Firms) Regulations, 2015.

2.    Recommendationsfor issuing guidelines on the areas on which the regulations are silent.

3.    Recommendationson further strengthening the channel by taking up the products which fall underthe jurisdiction of other financial sector regulators, including creatingavenues for discussions with the other Regulators.

4.    Anyother matter, with the permission of the Chair.

The Committeemay invite other persons to the meeting(s) as special invitees, as may berequired. The Committee shall meet as often as required and come up withrecommendations on or before 31st July, 2018.




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