The Insurance Regulatory and Development Authority (IRDAI) has set up 10-member committee to review norms related to Insurance Marketing Firms (IMF) with an aim to increase insurance penetration in the country. The committee will be headed by Suresh Mathur (ED-IMF, IRDAI).
Terms of Reference
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The committee has been asked to revisit IRDAI (Registration of Insurance Marketing Firms) Regulations, 2015.
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It will recommend guidelines on areas on which regulations of IMFs are silent.
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It will also recommend measures for strengthening distribution channel of IMFs by taking up products which fall under jurisdiction of other financial sector regulators.
Why is it needed?
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IMF’s new distribution channel was introduced by IRDAI in 2015, with objective of increasing insurance penetration through area-wise registration approach.
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The channel has now been in operation for three years.
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The committee was constituted to review existing regulations essential for distribution channel to evolve and fulfil the objective of spreading insurance coverage to all layers of the society.
