Irdai grants exemptions to merged banks on corporate agency matters

Irdai has said the acquiring bank can retain the existing certificate of registration (COR) to act as a corporate agent and surrender the COR's held by the acquired banks

The Insurance Regulatory and Development Authority of India (Irdai) has granted relaxation to merged public sector banks by allowing them to act as corporate agents of more than three entities in life, general and health insurance companies for a period of twelve months from the date of merger (April 1, 2020) for existing contracts of the acquired banks.

“The acquiring bank may continue arrangement with more than 3 entities in each of the life, general and health categories of insurers for a period of 12 months from the date of merger by transfer of the existing insurance arrangements of