Brokers protest bancassurance norms

Insurance Brokers Association of India (IBAI) has opposed the possible move by the Insurance Regulatory and Development Authority (Irda) to allow the banks to have multiple tie-ups with insurers through bancassurance channel. The insurance regulator has recently formed a six-member committee in May to look into the issue. The committee is likely to submit its report during the current month. Currently regulations allow one bank selling the products of only one insurer under bancassurance channel. Briefing the media on the issue in Mumbai on Friday, Bharat J Boda, president, IBAI, said that Losing out our business to banks is not ...

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