MyInsuranceClub
menu

IRDA ties up with CSC to sell insurance policies

Much required boost for insurance penetration in India has received a nod from market regulator Insurance Regulatory and Development Authority. IRDA has approved Common

eye icon
157 views/
clock icon
2 mins 9 secs
calendar icon
Last Updated - May 16, 2023
article image
Listen to this article
audio icon

Much required boost for insurance penetration in India has received a nod from market regulator Insurance Regulatory and Development Authority. IRDA has approved Common Service Centre’s (CSC’s) at all India level to help insurance companies in selling their products.

CSC is a vital cornerstone of the National e-Governance plan and is aimed at providing high quality and cost effective video, voice and data content and services in the areas relating to education, health tele-medicine etc.

In a meeting between IRDA and Insurance industry, the makeup and process of implementation of CSC model was discussed. Presentation on the model workability was also made in the meeting in presence of the Chief Executives of Life and General Insurance personnel’s. Mr. T. Vijayan – Chairman, IRDA and Mr. D.D. Singh – Member, Distribution also put forward their ideas on the advantages of this model.

IRDA further said that the notification will be issued in next 10 – 15 days for taking comments from insurance companies. After this is done, the final model of CSC is expected to come into place in next 2 – 3 months time.

The position of CSC would like be any other insurance broker and will also be permitted to sell the insurance policies of multiple insurance companies. However, they will be able to sell the policies only after its official take a mandatory examination conducted by Insurance Institute of India.

author image
Author