As per the new regulations, an applicant for corporate agency, who is engaged in insurance distribution, shall have a minimum equity share capital or net worth of Rs. 50 lakh. (policybazaar.com)
The regulator, which had examined 34 charges on a variety of aspects related to business, said the company had violated many norms, including not settling «huge» number of claims in respect of the group insurance schemes, continuation of corporate agency even after expiry of licence, use of unlicensed entities for procuring business and distribution of gift vouchers procured from Big Bazar, one of the group companies. (alankitinsurance.com)
Although life insurance industry in India is fragmented in its sales practices, the experience of bancassurance and corporate agency model is no more as exciting as insurers anticipated few years back. (indianexpress.com)