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Insurance Marketing Firms can distribute financial products or undertake activities regulated by any other financial regulator. The firm must satisfy the applicable regulatory framework of the respective regulator. The Financial Service Executives of the firm carry out the marketing and activities. The Insurance Regulatory and Development Authority of India issues this permission under the Insurance Regulatory and Development Authority Act, 1999 and the Insurance Marketing Firm Regulations.
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Ref: IRDAI/INT/CIR/IMF/028/01/2017
27th January, 2017
Circular
Sub: Distribution of other financial products by Insurance Marketing Firm
As per the extant regulations, Insurance Marketing Firm (IMF), registered under IRDAI (Registration of Insurance Marketing Firm) Regulations, 2015 (IMF Regulations), can distribute other financial products such as Mutual Funds regulated by SEBI, Pension products regulated by PFRDA, banking / financial products of banks regulated by RBI, Non insurance products offered by Department of Posts etc.
Vide Reg. 3 (c)(vi), Authority can permit IMFs to distribute any other financial product or undertake any activity from time to time. Accordingly, the Authority reviewed the other financial products that can be marketed or activities that can be undertaken, by Insurance Marketing Firm, through its appointed Financial Service Executives as per the IMF regulations.
It has been decided to permit IMFs to distribute the financial products / undertake activities regulated by any other financial regulator subject to fulfilment of the applicable regulatory framework of such regulator.
The above decision is taken under the powers vested with the Authority under section 14 (2) of IRDA Act, 1999 read with Regulation 3 (c) (vi) and 28 of IMF Regulations.
[Image omitted. See the official document.]
P J Joseph Member (Non Life)
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