IRDAI proposes changes in registration norms for insurance marketing firms

IRDAI proposes changes in registration norms for insurance marketing firms
 Insurance Regulatory and Development Authority of India (IRDAI) proposed to relax norms for registration of Insurance Marketing Firms (IMFs) with an aim to improve the penetration of insurance products in the country.

The IRDAI formed a panel headed by Suresh Mathur, Executive Director (insurance marketing firms), IRDAI, with nine more members to review the regulations pertaining to insurance marketing firms.

Based on the recommendations of the panel, IRDA proposed several changes in the existing framework governing IMFs.

IRDAI is considering reducing the net worth requirement to Rs 5 lakh from current Rs 10 lakh for registration as an insurance marketing firm for applicants opting for an aspirational district.

The NITI Aayog designated 117 districts in 28 states as aspirational districts.