The Insurance Regulatory and Development Authority of India (IRDAI) has provided greater flexibility to insurance as far as their corporate agency tie-ups are concerned.
Under the IRDAI (Insurance Intermediaries) (Amendment) Regulations, 2022, a corporate agent, in each category of life, general, and health, may have arrangements with a maximum of nine life insurers to solicit, procure and service their insurance products.
Further, a corporate agent (general) can solicit, procure and service retail lines of general insurance products and commercial lines of such insurers having a total sum insured not exceeding Rs 5 crore per risk for all insurances combined.
The Insurance Marketing Firms (IMF) will engage Insurance Sales Persons (ISP) for the purpose of soliciting and procuring insurance products of a maximum of six Life insurers, six General insurers and six Health insurers at any point in time, under intimation to the authority. The registered IMFs may operate in all districts within a state for which the registration is valid.
The IRDAI has issued an official gazette in this regard.
