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THIRD PARTY PRODUCT DISTRIBUTION IN RETAIL BANKING PART II & LENDER's APPRAISAL PROCEDURE
What is the primary role of a bank acting as a corporate agent in third party product distribution?
A bank acting as a corporate agent solicits and procures insurance business on behalf of an insurance company, earning commission without underwriting risk itself.
What is the open architecture model in bancassurance?
Banks can tie up with multiple insurance companies simultaneously.
Which IRDAI regulation governs banks distributing insurance products as corporate agents?
IRDAI (Registration of Corporate Agents) Regulations, 2015 govern banks acting as corporate agents for insurance distribution in India.
How many non-life insurance companies can a bank partner with under the open architecture model?
A bank can tie up with three non-life insurance companies.
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