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NBFCs registered with Reserve Bank of India may now take up insurance agency business on fee basis and without risk participation, without the approval of Reserve Bank of India subject to the following conditions:
(i) The NBFCs should obtain requisite permission from IRDA and comply with the IRDA regulations for acting as `composite corporate agent' with insurance companies.
(ii) The NBFCs should not adopt any restrictive practice of forcing its customers to go in only for a particular insurance company in respect of assets financed by the NBFC. The customers should be allowed to exercise their own choice.
(iii) As the participation by a NBFC's customer in insurance products is purely on a voluntary basis, it should be stated in all publicity material distributed by the NBFC in a prominent way. There should be no `linkage' either direct or indirect between the provision of financial services offered by the NBFC to its customers and use of the insurance products.
(iv) The premium should be paid by the insured directly to the insurance company without routing through the NBFC.
(iv) The risks, if any, involved in insurance agency should not get transferred to the business of the NBFC.
However, NBFCs intending to set up insurance joint ventures with equity contribution on risk participation basis or making investments in the insurance companies, would continue to obtain the prior approval of the Reserve Bank.
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