home page
Click here   Click here   Click here

Newsletter

Events

Tenders

IT Directory

Book Store

Mgt Courses

Messages

Our Services

About Us

--------------------------------------------------------------------------------------------------------------------------------------------------------


- Mgt. Courses
- India's Outlook
- BECON-2003 
- Micro Finance 
- Credit Policy 
- Bank Ratings
- Top 15 pages

Daily News
- Banking News 
- IT News
- Insurance News
- BPO News
- Market News

Online Directories
- IT Directory 
- BPO Directory  
- Bank Directory 
- Insurance Cos  

Daily Rates
- Rupee Spot Rates
- Lending Rates
- Stock markets
- FCNR Rates

Banking
- Overview 
- Basics
- Products
- Articles
- Policies
- More

Technology
- Overview 
- Major IT Cos
- Banking Software
- Features
- More

Finance
- Overview 
- Corporate Finance
- M&A & JV
- Venture Capital
- More

Insurance
- Overview 
- Regulators
- Bancassurance
- Products
- More

BPO
- Overview
- Opportunities
- News & Trends
- More

Publications
- BPO Report 
- Doing business
- Outsourcing
- NRI Handbook
- Directory
- More

More sections
- Jobs
- Management
- NRIs
- Co-op Banks
- Lifestyle

Click Here To Return To Daily News
Click For Other Top Stories


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.



.... Click for Section for Finance
.... Click for Insurance related news

|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|

Management Courses
-----------
Report & White Paper on BPO
-----------
Click here
-----------
Click here

------------------------------------------------------------------------------------------------------------
click here
------------------------------------------------------------------------------------------------------------


About us | Contact us | associate | Terms of use | Disclaimer
Banknet India | All rights reserved worldwide.
Best viewed with IE 4.00 & above at a screen resolution of 800 x 600 or higher