The Insurance Regulatory and Development Authority of India (IRDAI) will notify the final corporate agency norms under bancassurance within three weeks, according to Chairman TS Vijayan.
Speaking to newspersons after formally launching the sale of insurance policies of HDFC Life through Common Service Centres (CSCs) here on Thursday, he said the Gazette notification will give some time for transition and the new norms will be effective from 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 sectors for corporate agency. Currently, banks are permitted to function as corporate agency for only one insurer each in life and non-life sectors.
On the growth of the insurance industry, Vijayan said all would depend on the growth in gross domestic product. “Around 15 per cent growth will be good for FY16,” he added, when asked on projections for this year.
Amitabh Chaudhry, MD and CEO of HDFC Life, said he intends to go for an initial public offer some time next year. “We are holding discussions with our partners,” he added.
The company is planning to launch more products to be sold through the CSC network. There are about 1.40 lakh CSCs across the country.