.........The draft regulation had proposed a zonal system of bancassurance. Under this, the country was to be divided into three zones, and a bank could tie up with only one insurance company for a minimum of 10 regions and a maximum of 20. The three zones are divided into 40 regions. This meant banks had to tie up with a minimum of two insurance companies. In a communication to Irda recently, DFS said the exact purpose and rationale for taking up bancassurance on the geographical basis needed further discussions and clarity. It also suggested insurance penetration be increased through bancassurance in other ways rather than “disrupting the corporate agent arrangement on zonal basis”.............
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