CURRENT AFFAIRS

Detailed explanation-1: -The IRDAI would require insurance brokers to acquire an Insurance Broker Licence.

Detailed explanation-2: -1. Insurance Regulatory and Development Authority of India (IRDAI), is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999) for overall supervision and development of the Insurance sector in India.

Detailed explanation-3: -With Policy King, Lords Mark Insurance Broking will be penetrating the under-served market segments in tier-2 and tier-3 towns of the country apart from catering to the customers in the metro cities.

Detailed explanation-4: -1. Any scheduled commercial bank would be permitted to undertake insurance business as agent of insurance companies on fee basis, without any risk participation. The subsidiaries of banks will also be allowed to undertake distribution of insurance product on agency basis.