Indian banks oppose revision in IRDA guidelines
Loading ...Concerned about possible dual regulatory supervision and resistance from foreign partners in their insurance joint ventures (JVs), Indian banks have opposed the proposed revision in guidelines for distribution tie-ups between insurance companies and banks for the sale of insurance policies.
The Insurance Regulatory and Development Authority (Irda) had, in a bid to create a level playing field, proposed a state-wise arrangement for such distribution tie-ups, known as bancassurance. With their extensive national networks, commercial banks provide an ideal platform for insurance companies to sell their products.
With many banks starting their own insurance ventures, newer, non-bank promoted insurers have been finding it difficult to find distribution partners with a wide network. This is because existing regulations deem that one bank can tie up with only one life and one non-life insurance company across the country.
The banks, through industry lobby Indian Banks’ Association (IBA), have written to Irda, opposing most of the draft guidelines issued by the regulator in November. Irda’s draft bancassurance guidelines divide Indian states into three zones and place a cap on the number of states in which an insurance company can tie up with one bank. As per the draft, no insurance company can tie up with any bancassurance agent in more than nine states in zone A and six states in zone B.
The draft guidelines give Irda the power to inspect the premises, books of accounts, records and documents of the bancassurance agent to check if the activities are carried in line with regulations. Banks are concerned that this will ensure that they are effectively under the supervision of two regulators, the Reserve Bank of India (RBI) and Irda.
The draft guidelines also put the onus of any mis-selling on banks rather than insurance companies, which the lenders are opposing.
Courtesy: Live Mint
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