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- IRDAI formed taskforce to review the existing bancassurance framework.
- A taskforce has been formed by the Insurance Regulatory and Development Authority of India to review the existing bancassurance framework.
- This committee will also review the efficiency of the complaints of mis selling/forced selling of policies.
- It will also study the effectiveness of existing bancassurance models and will recommend ways to improve the efficiency.
- It will find out the best practices followed internationally and suggest modifications to be implemented on domestic regulations.
- J Meena Kumari will serve as the Chairperson of the taskforce. Other members will be senior officials from IRDAI.
- The taskforce will submit the recommendations in two months.
- Bancassurance is an insurance distribution model in which insurance companies partner with banks to sell policies.
- The bank gets commission from the insurance company, the insurer benefits from the distribution network of the bank.
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