The Insurance Regulatory and Development Authority (Irdai) has set up a 10-member panel to review norms related to insurance marketing firm (IMF) with an aim to increase insurance penetration in the country.
The new distribution channel of IMF was introduced in 2015 by Irdai, with the objective of increasing insurance penetration through an area-wise registration approach.
In an order, the Irdai said that a review of the regulations is necessary to enable the channel to evolve and fulfil the objective of spreading insurance coverage to all stratum of the society.
Among other things, the panel has also been asked to provide recommendations for issuing guidelines on the areas on which the regulations are silent. It will submit its recommendations by end-July.
Source: AIR