Max Life Insurance Company Limited has issued an official clarification in response to recent media reports suggesting that the Insurance Regulatory and Development Authority of India (IRDAI) may impose a 50% cap on the share of business generated through bancassurance partners.
Key Points from Max Life’s Statement:
- No Official Communication: Max Life clarified that it has not received any directive or communication from IRDAI regarding the alleged capping of business generated through bancassurance or any related regulatory changes.
- Media Reports Unsupported: The company emphasized that the media reports are unsupported and have no basis.
- Industry Consultation Process: Max Life reiterated its belief that any significant regulatory changes would only follow detailed consultations with industry stakeholders.
The clarification further underscores Max Life’s commitment to regulatory compliance and its reliance on diversified distribution channels for its business operations. This statement aligns with similar clarifications issued by other insurance companies, dismissing concerns over potential regulatory changes in bancassurance.
