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Monday, August 12, 2013

IRDA move to allow banks as insurance brokers hailed

Reliance Life Insurance Company has welcomed IRDA’s new regulations allowing banks to become licensed insurance brokers and sell products of multiple life insurance companies.

This is an extremely progressive step taken by the Insurance Regulatory & Development Authority (IRDA) in the best interests of hundreds of millions of consumers across all strata of society, Anup Rao, CEO, RLIC, said in a statement today.

These new regulations will lead to an open bancassurance architecture and will drive banks to align their interest with their customers by offering them a wider choice of products from a larger number of life companies, he said.

This is a better situation instead of the existing conflicted practice of pushing products from a single manufacturer, it was pointed out.

"We expect these new regulations to lead to much deeper penetration and enhanced distribution for the life insurance industry in general" Rau said.

RLIC is in talks with several commercial as well as cooperative banks to enter into a distribution tie-up for its products, it is learnt.

Source: thehindubusinessline


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