IRDAI vide circular ref.no. IRDAI/ Reg/4/183/2022, dated December 5, 20222 has issued “IRDAI (Insurance Intermediaries) (Amendment) Regulations, 2022” (“Amendment Regulations”)
Objective : To enable the prospects and policyholders to have wider choice and access to purchase of insurance through various distribution channels and to facilitate the reach of insurance across the country for enhancing insurance penetration
Major highlights of the Amendment Regulations are as follows:
- The amended provisions pertaining to IRDAI (Registration of Corporate Agents) Regulations, 2015 [CA Regulations] are as below:
- The maximum limit of arrangements permitted to Corporate Agents(CA) with Life, General and Health Insurers from the existing limit of 3 has been increased to 9 under each category.
- The CA(Composite) may have arrangements with either of Life, General and Health Insurers in excess of the total limit of 9 under each category, subject to not having more than 27 arrangements with all Insurers combined.
- The restriction on a CA(General) soliciting and servicing “ commercial lines of business having a total sum insured not exceeding rupees five crores per risk for all insurances combined” continues.
- The amended provisions pertaining to IRDAI (Registration of Insurance Marketing Firm) Regulations, 2015 [IMF Regulations] are as below:
- The maximum limit of tie-ups permitted to Insurance Marketing Firms (IMF’s) with Life, General and Health Insurers from the existing limit of 2 has been increased to 6 under each category.
- The definition of ‘Area’ has now been extended to state instead of district.
- The restriction for applying of maximum 3 districts while filling an application for renewal has been dispensed with and in accordance to the amended Rule 5, the registered IMF may operate in all districts within a state for which the registration is valid.
Source category: IRDAI
Attachments
- /2022/128_IRDAI(Insurance_Intermediaries)(Amendment)_Regulations_2022.pdf
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