 "Irdai, insurers, brokers, GIC")
The Insurance Regulatory and Development Authority of India (Irdai) will soon allow insurance brokers to offer consultancy for claims not exceeding Rs 10 crore without the need for regulatory approvals. For claims exceeding Rs 10 crore, the brokers will have to seek prior approval from the regulator.
The last Irdai board meeting held in August cleared changes to the Brokers Regulations, said Sanjay Kedia, president, Insurance Brokers Association of India, adding that a formal notification is expected to be out soon.
For the past one decade, the association’s stand has been that policyholders should have a choice to decide their service provider
