The central government has constituted a nine-member study
group to examine the issues related to bancassurance.
study group, headed by SBI Life managing director and
chief executive officer R Krishnamurthy, will study all
the issues pertaining to bancassurance and submit its
recommendation to the government by mid-February 2003.
to a government circular issued on 13 January 2003, the
study group will try to evolve a suitable model of bancassurance
for efficient distribution of insurance products through
the network of bank branches. The international best practice
in this regard can be taken into account while developing
an appropriate model in the Indian context.
the group will specify administrative measures that may
be necessary to encourage banks to undertake distribution
of insurance products in rural areas, particularly among
the unorganised and vulnerable segments of the population.
And it will look into all the other related issues concerning
the bancassurance model that would help the policymakers
to introduce a viable system in India.
form Krishnamurthy, the study group consists of Stuart
Purdy, managing director, Aviv Life Insurance Co; Yeo
Metzeller, managing director ING Vysya Insurance; R V
Shastri, CMD Canara Bank; Cherian Verghese, CMD, Corporation
Bank; S B Mathur, chairman, Life Insurance Corporation
of India; R C Sharma, member, Insurance Regulatory Development
Authority; and Reserve Bank of India and finance ministry