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Mumbai, July 3 The Insurance Brokers Association of India (IBAI) has opposed the proposal of allowing banks to have multiple tie- ups with insurers.

The insurance regulator IRDA had appointed a committee in May to look into the issue.

There will be an increase in instances of mis-selling as banks have no expertise to sell policies that suit the requirements of the customers, said Mr Bharat Boda, President, IBAI.

It is possible that banks push products of insurance companies which offer higher marketing and expense commission, another broker said.

More Stories on : Alliances & Joint Ventures | Insurance

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