IRDAI Forms Committee To Review Norms Related To Insurance Market

IRDAI Constituted Committee To Review Norms Related To Insurance Market- Details, Aim, Purpose

The Insurance Regulatory and Development Authority (IRDAI) had constituted a 10-member committee to review norms related to Insurance Marketing Firms (IMF).

The committee was formed with an aim to increase insurance penetration in India. The committee will be headed by Suresh Mathur (ED-IMF, IRDAI).

Terms of Reference

The committee has been asked to revisit IRDAI (Registration of Insurance Marketing Firms) Regulations, 2015. It will recommend guidelines on areas on which regulations of IMFs are silent. It will also recommend measures for strengthening distribution channel of IMFs by taking up products which fall under the jurisdiction of other financial sector regulators.

Background

IMF’s new distribution channel was introduced by IRDAI in 2015, with an objective of increasing insurance penetration through area-wise registration approach. The channel has now been in operation for three years. The committee was constituted to review existing regulations essential for distribution channel to evolve and fulfill the objective of spreading insurance coverage to all layers of the society.

About IRDAI

IRDA is a supreme statutory body that regulates and develops the insurance industry in India. It was constituted as per provisions of Insurance Regulatory and Development Authority Act, 1999. It is headquartered in Hyderabad. Telangana.

IRDA protects rights of insurance policy-holders, provide registration certification to life insurance companies and renew, modify, cancel or suspend this registration certificate as and when appropriate