The Insurance Regulatory and Development Authority of India (IRDAI) will notify the final corporate agency norms under bancassurance in three weeks from now, according to its Chairman T S Vijayan.
Speaking to newspersons after formally launching the sale of insurance policies of HDFC Life through common service centres here on Thursday, he said the gazette notification will give some time for transition and the new norms will be effective April 1, 2016.
In its draft norms issued earlier, the regulator has proposed to allow banks to tie up with three insurers each in life and non-life for corporate agency. As of now, banks are permitted to function as a corporate agency for only one insurer each in life and non-life sectors.
On the growth of insurance industry, the Chairman said all would depend on the growth in the gross domestic product. "Around 15 per cent growth will be good for FY16,’’ he added when asked on the projections for this year.