The Insurance Regulatory and Development Authority of India (IDRAI) on December 07, 2022, notified the Insurance Regulatory and Development Authority of India (Insurance Intermediaries) (Amendment) Regulations, 2022. These Regulations shall come into force on December 07, 2022.
The Insurance Marketing Firms (IMF) shall engage Insurance Sales Persons (ISP) for the purpose of soliciting and procuring insurance products for a maximum of six Life insurers, six General insurers, and six Health insurers at any point of time, under intimation to the Authority. Provided that any change in the engagement with the insurers shall be governed by the terms of the agreement entered into between the Insurance Marketing Firm and the insurer, with suitable arrangements for servicing existing policyholders by the concerned insurer, in case of cancellation/ termination/ discontinuity of agreement.
