A corporate bank should be allowed to have only one insurance broking licence, a panel set up by Insurance Regulatory and Development Authority has said.
The committee, constituted by the authority to review the IRDA Broking Regulations 2002, submitted its report a couple of weeks ago.
As of now, banks are allowed to be corporate agent for only one insurer and there has been a demand to allow them to sell products of more than one. The panel’s views assume significance as a decision is pending with the regulator.
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