HDFC Life has issued a clarification regarding reports of potential regulatory changes by the Insurance Regulatory and Development Authority of India (IRDAI) on bancassurance. The insurer has categorically stated that the news is based on rumors and speculation, labeling the information as inaccurate.
Earlier, reports suggested that IRDAI might consider capping a parent bank’s contribution to its associated insurer’s bancassurance business at 50% of the total, according to CNBC-TV18 sources. This sparked industry concerns regarding potential changes to the regulatory framework.
In its official press note, HDFC Life stated:
PRESS NOTE
This is in response to today’s news flash on a leading news channel regarding potential changes to bancassurance regulations by the Insurance Regulatory and Development Authority of India. The news flash is based on rumours and speculation, and we would like to categorically state that the information mentioned is inaccurate.
As an organisation, we believe that regulatory changes of such significance are typically preceded by detailed industry consultations.
HDFC Life has a well-diversified distribution network which enables us to increase insurance penetration in our country and adapt to the evolving business environment.
We remain focused on serving our customers and partners with commitment and excellence.
