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December 17, 2022
According to new guidelines issued by IRDAI, corporate agents can now be associated with up to 27 insurers – nine each in three branches – life, health, and general insurance. To increase insurance penetration, this step is taken which previously allowed corporate agents to market the products of one insurer from each of the three branches.
In general insurance, the number of insurance products is high and opening to nine insurers is particularly relevant in this kind of insurance. It increases choice. But the restriction on corporate agents in marketing retail and commercial lines of general insurance products for a sum assured not exceeding INR50m ($606,000) per risk continues.
For insurance marketing firms, besides increasing the number of tie-ups, the area of operation has been expanded to the “state” level from the “district” level, increasing the width as well as the depth of operation of Insurance marketing firms in the designated state.