IRDAI allows Banks to tie up with insurers

In Banking and Finance
August 14, 2015

The Insurance Regulatory and Development Authority of India (IRDAI) has allowed banks to tie up with a maximum of nine insurers from three segments —life, non–life and standalone health insurers — as part of the new bancassurance guidelines. While such a tie-up will not be mandatory on the banks and it has been left to them to take a call on the number of tie-ups. IRDAI is likely notify the new guidelines on the bancassurance norm shortly.

IRDAI

IRDAI is an autonomous apex statutory body which regulates and develops the insurance industry in India.
It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999.
The agency operates from its headquarters at Hyderabad, Telangana where it shifted from Delhi in 2001.
IRDAI has one Chairman, five whole time members and four part time members.
TS Vijayan is the current Chairman of IRDAI.