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Exposure Draft
Ref.
No: IRDAI/INT/ED/REG/166/8/2022 Date:
03-08-2022
EXPOSURE DRAFT - INSURANCE REGULATORY AND
DEVELOPMENT AUTHORITY OF INDIA (INSURANCE INTERMEDIARIES) (AMENDMENT)
REGULATIONS, 2022
1. In order
to facilitate open architecture which will enable the prospects and
policyholders to have wider access in purchasing insurance and also to
enhance the reach of insurance to every nook and corner of the country, the
IRDAI (Registration of Corporate Agents) Regulations, 2015 and IRDAI
(Registration of Insurance Marketing Firm) Regulations, 2015 have been
reviewed. The key changes proposed to be brought about to these two
regulations (through the IRDAI (Insurance Intermediaries) (Amendment) Regulations,
2022 are: -
·
Increase
in the maximum limit of tie-ups with insurers for Corporate Agents from the
existing three for each category of insurance to nine for each category of
insurance;
·
Increase
in the maximum limit of tie-ups with insurers for Insurance Marketing Firms from
the existing two for each category of insurance to six for each category of
insurance;
·
Removal
of the restriction on Corporate Agent (General) to place commercial lines of
products having a total sum insured not exceeding rupees five crores per risk
for all insurances combined.
2. The
exposure draft of IRDAI (Insurance Intermediaries) (Amendment) Regulations,
2022, is attached herewith.
3. All the
stakeholders are requested to submit their comments / suggestions, if any, on
the proposed amendment in the regulations in the given format on or before
5:00 PM on 24th August, 2022 to ramasudheer@irdai.gov.in with a copy to nirmalraj.ks@irdai.gov.in
FORMAT
FOR SUGGESTIONS ON
DRAFT IRDAI (Insurance Intermediaries) (Amendment)
Regulations, 2022
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Change suggested by: Date:
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Page
No.
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Chapter
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Regulation
& Para No.
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Suggestions
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Reasons
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Chief
General Manager (Intermediaries)
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