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International

IRDAI rejects Indian Broker Association's request for inclusion in General Insurance Council

July 27, 2015 Reprints

India’s regulator IRDAI and the General Insurance Council have rejected Indian Broker Association’s request for inclusion in the General Insurance Council, which represents 28 general insurers, as reported by Business Standard.

IBAI represents 400 insurance brokers.

Professional bodies including the GIC and Life Insurance Council are following the new Insurance Amendment Act that says that they should be restructured to operate like a self-regulatory organization by including professional representatives from the industry.

IRDAI said that the broking community does not fall under any of the categories mentioned in the act for inclusion in the GIC. IBAI now seeks the Finance Ministry’s help to fix the flaw in the act.

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IRDAI rejects Indian Broker Association's request for inclusion in General Insurance Council

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