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IRDAI sets up Suresh Mathur Committee to review norms for insurance marketing firms

Jun 19, 2018 12:19 IST
IRDAI sets up Suresh Mathur Committee to review norms for insurance marketing firms

The Insurance Regulatory and Development Authority of India (IRDAI) on June 18, 2018 constituted a committee to review the regulations pertaining to Insurance Marketing Firms (IMF).

The committee is headed by Suresh Mathur, Executive Director (Insurance Marketing Firms), IRDAI and has nine more members.

Terms of reference of Suresh Mathur Committee

Revisiting the IRDAI (Registration of Insurance Marketing Firms) Regulations, 2015

Recommend guidelines on the areas on which the regulations are silent

Recommend for strengthening the distribution channel of insurance marketing firms by taking up products which fall under the jurisdiction of other financial sector regulators.

The committee will come up with recommendations before July 31, 2018.

Members of the Committee

Members

Post

Suresh Mathur (Head)

Executive Director (IMF), IRDAI

K.G.P.L. Ramadevi

GM (IMF) of IRDAI

Sourabh Bhanot

Senior VP of Aviva Life Insurance

Siddharth Pradhan

GM of New India Assurance

Amit Rathi

Senior VP of Max Life Insurance

Deepti Rastogi

Senior VP of Apollo Munich Health Insurance

Rakesh Kumar

ED of LIC

Girish Joshi

ED and ISP of iKuber Financial Services IMF Pvt Ltd

Rajinder Singh

MD of JK Insurance Marketing Pvt. Ltd.

Priya Kumari (Member Secretary)

IRDAI’s AM-IMF


Reason behind the constitution of the Committee

Considering that the review of the regulations is essential to enable the distribution channel to evolve and to fulfil the objective of spreading insurance coverage to all layers of the society, the IRDAI constituted the 10-member committee.

The new distribution channel of insurance marketing firms was introduced by IRDAI in 2015 with an aim to increase insurance penetration in the country through an area-wise registration approach. The channel has now been in operation for three years.

Firms, which serve as a distribution channel for insurers, are governed by the IRDAI (Registration of Insurance Marketing Firms) Regulations, 2015.

 

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