Banks can now partner multiple insurance companies

In a radical move, the Insurance Regulatory and Development Authority (Irda) proposed to open up a bancassurance distribution channel, where banks would be allowed to tie-up with one set of insurance companies (life, non-life and standalone health insurance company), in one state. This indicates, in a particular state, a bank would be allowed to sell insurance products of only one life insurance company, one general insurance company and one standalone health insurance company. However, in another state, the same bank can sell the product of any other life, non-life and standalone helath insurance company




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