in an exposure draft on insurance intermediaryThe insurance regulator It is proposed to increase the maximum limit for tie-up with insurance companies from three to nine for corporate agents.
It also proposed to increase the tie-up limit for insurance marketing firms with insurance companies from two to six for each category of insurance.
Stakeholders can submit their suggestions on the exposure draft of IRDAI till August 24.
Feather regulatory sandbox Scheme, IRDAI has suggested to remove the limited validity period of four years in the rules.
The regulator had notified the IRDAI (Regulatory Sandbox) Regulations, 2019 with a validity of two years to strike a balance between orderly growth of the insurance sector on the one hand and safeguarding the interests of policyholders on the other, while also facilitating innovation. can be given
Thereafter, it extended the validity period of the regulations first by two years till July 25, 2023 and then for a further period of 6 months, which may be extended by another 6 months.
The insurance regulator is now suggesting to increase the pilot period to 36 months from the current six months.
Regulatory sandbox (RS) usually refers to the live testing of new products or services in a controlled/tested regulatory environment for which the regulator may (or may not) allow some leeway for the limited purpose of testing.
IRDAI has sought comments by August 25 on the Exposure Draft Insurance Regulatory and Development Authority of India (Regulatory Sandbox) (Amendment) Regulations, 2022.