Money & Banking

New broker norms soon: IRDAI

OUR BUREAU Hyderabad | Updated on January 24, 2018

New broker regulations will be out “any time” now, according to TS Vijayan, Chairman, Insurance Regulatory and Development Authority of India.

“We have sent them for Gazette notification,” he said while speaking at the 14th annual ‘Insurance Brokers’ Summit’ here on Wednesday.

Sanjay Kedia, President, Insurance Broker’s Association of India, said the role of a broker in the insurance market has been increasing.

Technology, data analytics and brokers’ role in claim distribution (which is not present in India today) will be the game- changers going forward, Kedia said.

The demand for insurance broking is growing; currently there are 428 brokers in the industry.

Listing out the demands of insurance brokers, Kedia said only the broking channel should be allowed to deal with multiple insurers as it addresses customers’ interests in a better manner than any other channel.

“We also seek ease of doing business in the form of licence renewal at least one month prior to expiry and reduction in the duplicity of information required,” he said.

Published on January 24, 2018

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