Reliance Life Insurance welcomes IRDA's decision to allow banks to act as insurance brokers

Posted By: Religare
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Reliance Life Insurance welcomes IRDA's decision
Reliance Life Insurance Company (RLIC), a part of Reliance Capital Ltd, welcomed new regulations announced by insurance regulator that allowed banks to act as insurance brokers and sell products of multiple insurance companies instead of only one company.

"We welcome IRDA's new regulations, allowing banks to become licensed insurance brokers and to offer products of multiple insurance companies to their customers," said RLIC's CEO Anup Rao.

RLIC said these new regulations will lead to an open bancassurance architecture and will drive banks to align their interest with customers by offering them a wider choice of products from a larger number of life companies, instead of existing conflicted practice of pushing products from a single manufacturer.

Dion Global Solutions Ltd.

Read more about: irda, reliance life insurance
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