The International Financial Services Centers Authority has issued Guidelines on distribution of Mutual Funds and Insurance Products by Finance Company/Finance Unit on 03.05.2021. FC/FU shall also adhere to the following guidelines while undertaking distribution of insurance products:
- FC/FU shall necessarily undertake a customer need assessment prior to sale of insurance products.
- The FC/FU shall comply with provisions of IRDAI (International Financial Services Centre Insurance Intermediary Offices) Guidelines, 2019 No. IRDA/RI/GDL/MISC/012/01/2019, dated January 16,2019 and any other Regulation/Circular/Guidelines issued by the Authority from time to time.
- It shall be ensured that performance assessment and incentive structure for staff is not violative of IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations ,2016.
