The Insurance Regulatory and Development Authority of India (IRDAI) has allowed banks to tie up with a maximum of nine insurers from three segments —life, non–life and standalone health insurers — as part of the new bancassurance guidelines. While such a tie-up will not be mandatory on the banks and it has been left to them to take a call on the number of tie-ups. IRDAI is likely notify the new guidelines on the bancassurance norm shortly.
IRDAI
- IRDAI is an autonomous apex statutory body which regulates and develops the insurance industry in India.
- It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999.
- The agency operates from its headquarters at Hyderabad, Telangana where it shifted from Delhi in 2001.
- IRDAI has one Chairman, five whole time members and four part time members.
- TS Vijayan is the current Chairman of IRDAI.
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