Banks violate Irdai norms, sell insurance policies above Rs 5 crore, claim brokers - The Indian Express

Banks, which work as corporate agents of insurance companies, are allowed to solicit insurance cover only for policies where sum assured is not more than Rs 5 crore per policy as per the Insurance Regulatory and Development Authority of India’s (Irdai’s) corp…

Insurance brokers have come out against the practice of banks soliciting insurance policies for sums assured of above Rs 5 crore, violating the guidelines issued by the insurance regulator.Banks, whi… [+3884 chars]

full article...