Solution

The Insurance Regulatory and Development Authority of India (IRDAI) formed a taskforce that will review the existing bancassurance framework and improve the efficiency of the same amid complaints of mis-selling/forced selling of policies. In order to achieve this objective and considering the interest of the policyholder, IRDAI has set up a taskforce to examine the bancassurance framework. The committee will be headed by J Meena Kumari, Executive Director (Life) IRDAI, who will serve as the Chairperson of the taskforce. As per the terms of reference for the taskforce, it has to suggest regulatory stipulations on the market conduct requirements of bancassurance partners amid rising complaints of mis-selling or forced selling of policies from customers.