Chennai, Nov. 25 -- Indian insurance brokers should be licenced for perpetuity instead of three years, said a top official of the Insurance Brokers Association of India (IBAI).
Given the sector's high governance standards, mandatory professional indemnity and strong regulatory oversight, a perpetual licence framework is both feasible and desirable, Narendra Bharindwal, IBAI President, said.
According to him, the primary demand is for a perpetual licence regime. "A perpetual licence regime, subject to ongoing compliance and fit-and-proper criteria, will greatly enhance ease of doing business. It will align the broking sector with global best practices and reduce administrative load on both intermediaries and the Regulator," Bharindwal said...