IRDAI constitutes Suresh Mathur Committee to review regulations governing Insurance Marketing Firms (IMF)

The Insurance Regulatory and Development Authority (IRDAI) has set up a 10-member committee to review norms related to Insurance Marketing Firms (IMF) with an aim to increase insurance penetration in the country. The committee, headed by Suresh Mathur (ED-IMF, IRDAI), has been asked to revisit the IRDAI (Registration of Insurance Marketing Firms) Regulations, 2015.

The new distribution channel of IMF was introduced in 2015 by IRDAI, with the objective of increasing insurance penetration through an area-wise registration approach. Among other things, the panel has also been asked to provide recommendations for issuing guidelines on the areas on which the regulations are silent. The committee will submit its recommendations by end-July.