Govt notifies amendments with more tie-ups for corporate agents

The government has notified the amendments the insurance regulator had proposed in its recently concluded board meeting for increasing the number of tie-ups corporate agents and insurance marketing firms can have with insurance companies for the purpose of soliciting, procuring and servicing of insurance business.

As per the notification, corporate agents can now tie up with nine insurers each in the general, life, and health insurance sectors. Currently, they are allowed to tie up with three insurers in each segment.

In the case of composite corporate agents, the total number of arrangements with life, general and health insurers, shall not exceed twenty-seven at any point of time.

Insurance-marketing firms can tie up with six insurers in each line of business of life, general and health for distributing their insurance products. The current limit is two.