Business Daily from THE HINDU group of publications
Friday, Sep 28, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Sep 28, 2007 ePaper |
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Money & Banking
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Life Insurance IRDA sets up panel on distribution channels Our Bureau Hyderabad, Sept. 27 The Insurance Regulatory and Development Authority has constituted a committee to examine the functioning of the various distribution channels for life insurance products. “The authority feels that there is a need for a study to be undertaken to ascertain the manner in which these (distribution) channels have been functioning , their efficacy, cost effectiveness, weaknesses and make recommendations on the changes to be made to make them effective, professional and accountable,” the IRDA said in circular. Mr N.M. Goverdhan, former Chairman, LIC of India, would act as the Chairman of the panel, which will have managing directors and CEOs of leading life insurance players as its members, the circular said. The terms of reference of the committee would include, among others, to review the system of licensing of the corporate agents, their qualifications, consider the advisability of permitting several corporate agencies within the same group, examine in detail the commission structure and recommend necessary changes, if any. The panel would also examine the need for a system of referral providers and scope for direct marketing, e-marketing, web-enabled sales points besides the scope of existing micro-insurance agency system and its remuneration, and suggest modifications and enlargement, if considered necessary. The committee would submit its report by December 31, according the circular. More Stories on : Life Insurance | Regulatory Bodies & Rulings
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