Insurance agents could soon tie up with multiple insurance companies
The Indian government has proposed amendments to the Insurance Act to allow agents to partner with multiple insurers across life, general, and health insurance categories, breaking the current restriction of one insurer per category. This reform aims to enhance competition, expand consumer choices, and modernize the insurance sector. The Insurance Regulatory and Development Authority of India (IRDAI) will draft regulations to manage these changes, ensuring transparency and addressing potential conflicts of interest. Stakeholders have been invited to submit feedback by December 10, 2024.
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