Section 29 in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
29. Board Approved Policy for comparison and distribution of insurance products.
(1)Every Insurance broker shall have a Board approved policy on the manner of soliciting insurance policies. The Board approved Policy, amongst others, shall include the approach to be followed by the Insurance broker in having multiple tie-ups, type of products sold, mode of solicitation, grievance redressal mechanism, reporting requirements and any other item with regard to different business segments.(2)The Board of the Insurance Broker shall review the same atleast once in three years.
