A committee has been constituted to review the regulations governing insurance marketing firms (IMFs).
Moreover, the committee is tasked with proposing recommendations on how best to strengthen the IMF channel by taking up products which fall under the jurisdiction of other financial sector regulators, reports Business Standard.
IMFs were introduced by the IRDAI in 2015 to improve insurance penetration in the country through an area-specific approach. Insurance marketing firms are allowed to solicit or procure insurance products, undertake insurance service activities and distribute other financial products.
Insurance marketing firms can sell mutual funds, pension products, banking services and non-banking financial products.