Circular regarding Maintenance of current accounts in multiple banks by insurance intermediaries including entities sponsored by them (dated -29.12.2021) – IRDAI.
View PdfCircular regarding Maintenance of current accounts in multiple banks by insurance intermediaries including entities sponsored by them (dated -29.12.2021) – IRDAI.
- Based on the request received by the authority, to avoid hardships, if any, faced by the insurance intermediaries in maintaining current accounts with banks, it is clarified that the respective insurance intermediaries including entities sponsored by them may maintain current accounts in appropriate number of banks for the purpose of meeting regulatory requirements, reinsurance business, etc. That are in line with conditions given in regulations, guidelines, circulars issued by the authority.
- The insurance intermediaries shall review annually the need for having multiple current accounts and rationalization, if any, as may be required, refer attachment for further details.
