New insurance rules may not help private players

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In its effort to make the process of selling insurance as fair as possible, the Insurance Regulatory and development Authority of India, or IRDAI, has tweaked the distribution norms for banks to offer a wider array of choices to customers.

According to the new rules for licensing of corporates agents announced in September, banks can now tie-up with up to three life, non-life and standalone insurers each, instead of just one insurance company earlier.
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