Intermediary database planned in India

Database is set to help companies with background checks on intermediary partners

Intermediary database planned in India

Insurance News

By Jordan Lynn

India will unveil a database of licensed intermediaries in a bid to help companies gain background information.

The Insurance Information Bureau will create and manage the database, which is currently in its formative stages, according to New Indian Express.

"The industry has been asking for a central record of the third parties for life and non-life insurance businesses,” IIB CEO Kunnel Prem said on the sidelines of an Assocham organised insurance event recently, the publication reported.

“We are looking at the aspect and would seek the regulator’s nod for such a database.”

Prem noted that the database could include a caution list in future for those intermediaries that fall foul of regulations.

In India, the Registry of Hospitals Network of Insurance currently has a portal that offers registration for clinics within the insurance network which could lead the way for the new database.

Currently, intermediaries can be blacklisted by certain clients for malpractice but there is no central system to warn others of bad practice.

Related stories:
Tokio Marine to expand presence in India
Joint venture with Australian insurer may take its general insurance business to IPO

Keep up with the latest news and events

Join our mailing list, it’s free!