Draft Guidelines For Insurance Marketing Firms Released By IRDA
News: India's Insurance Regulatory and Development Authority (IRDA) has brought out draft guidelines for setting up insurance marketing firms (IMFs) in the country. According to the new guidelines, the IMF will be able to market insurance policies and other financial products approved by financial sector regulators. Firms will also be allowed to hire licensed individuals to sell and market insurance products. A company needs to have a minimum net worth of INR1mn (US$16,600) and purchase a professional indemnity insurance policy, which is equal to four times its business turnover to become an insurance marketing firm.