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Hyderabad, Oct. 1 The Insurance Regulatory and Development Authority has asked insurers to provide complete information on payments of commission to banks acting as corporate agents.

“The authority has been receiving a number of representations regarding the structure of payments of commission to the banks acting as corporate agents. The issue needs detailed examination to ascertain the sustainability of the business through bancassurance channel and its impact on the insurers and the policyholders,” Mr J. Hari Narayan, Chairman, IRDA, said in a circular.

The insurers should send all relevant information pertaining to the period between April 1, 2008 and March 31, 2009 and April 1, 2009 - June 30, 2009, he said. The information should be sent before October 15.

More Stories on : Regulatory Bodies & Rulings | Banking | Insurance

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