Title: All the Insurance Companies (Life & General)
Reference No.: IRDA/AGTS/NOT/BANC/38/10/2009
Notice under Section 110C of the Insurance Act, 1938
The Authority has been receiving number of representations regarding the structure of payments of commission to the banks acting as corporate agents. The issue needs detailed examination to ascertain sustainability of the business through bancassurance channel and its impact on the insurers and the policyholders.
In order to analyze the impact of various payments made to banks on the premiums and Balance Sheets of insurers, IRDA has decided to call for the required information for the period 01.04.2008 to 31.03.2009 and 01.04.2009 to 30.06.2009.
Hence you are directed under Section 110C of Insurance Act, 1938 to provide the information in the annexed format duly certified by the CEO and the CFO of your company before 15.10.2009. Incorrect / incomplete / misleading information, if provided, is punishable under Section 102 of the Insurance Act, 1938.