Insurance Regulatory and Development Authority ,I’m sorry) has made significant changes to the rules governing sales, investments and commissions imposed by insurance companies as part of an ongoing regulation agenda. Changes were passed to the regulator board meeting It is likely to come into force earlier this week and by the end of the quarter, two people familiar with the decisions said.

Decisions allow banks to sell insurance policies Of the nine insurers, the biggest distribution reform since the regulator allowed corporate agents such as banks to sell policies from three insurers as part of the open architecture policy implemented from April 2016.

irda min These are likely to be finalized in the next few days and the changes are likely to come into effect in September.

The regulator has also decided to allow insurance companies to explore the options of raising funds through the debt market without any prior notice. approval from irda,

All these steps are part of the reform agenda of the new IRDA chairman, which has focused on lightening the rules, giving companies more decision-making power and removing them. old law,

“The decisions taken in the board meeting are a part of that agenda,” said one of the persons cited above. “The clear focus is on ensuring easier regulations and removing unnecessary regulatory influence or red tape. Some of these things need to change as they are not compatible with the current business environment, which is more dynamic.