IRDA plans to allow sub broking in insurance

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Insurance brokers may be allowed to expand into smaller towns and cities through the sub-broking channel so that the non-life insurance needs of retail customers can be better served.

Currently, there are around 300 active brokers, mostly in urban centres.

Retail distribution of insurance takes place mainly through agents who are representatives of a particular insurance company and sell policies of only that company. Brokers, on the other hand, are independent intermediaries, selling products of multiple insurers.

"We are in the process of finalising a proposal to allow sub-broking for increasing insurance penetration, particularly in retail lines of business, as currently most of the business done by insurance brokers is corporate.

"Also, to make sub-broking a viable business proposition, we are considering a demand to allow sub-brokers to sell other financial products, such as mutual funds," a senior Insurance Regulatory and Development Authority (IRDA) official said.

In February this year, the IRDA invited comments from the industry on a draft report on sub-broking in insurance.

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