Banks as insurance agents: Irda to meet CEOs to frame rules

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PSU banks have received a letter from FinMin requesting them to become insurance brokers, within the framework as proposed by the RBI and the Irda. (Thinkstock) PSU banks have received a letter from FinMin requesting them to become insurance brokers, within the framework as proposed by the RBI and the Irda. (Thinkstock)
SummaryBanks have opposed the idea of becoming brokers for multiple players.

draft norms, has decided to permit banks to undertake insurance broking business departmentally, subject to the requirements, including the minimum net worth of Rs 500 crore.

Overhaul of customer service rules likely

The insurance sector is likely to witness major changes in customer services, considered as a big headache in the financial sector. The Irda is considering changes in the customer services protection guidelines, Irda member (distribution) DD Singh said on Wednesday.

Irda has also set up a committee headed by Singh to advise the regulator on customer services. The committee has members from life insurance firms, non-life companies, and Life and General Insurance Council, Singh said at a seminar organised by Asia Insurance Post.

“We have asked all insurance companies to submit their citizen charters. We are also looking at the possibility of having product-specific citizen charters as well,” Singh said. (Ens)

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