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Compliances play a vital role in fencing the accountability and operation of entities, compelling them to operate as ethically and transparently as possible. All the insurance brokers, regardless of business footprint or type, are bound to abide by IRDAI’s norms, which aim to protect the stakeholders’ and policyholders’ interests. Understanding insurance broker compliances is paramount for those planning to leap into the insurance broking business.
Compliance is just a set of laws to be followed; it is the backbone of the insurance broking industry, helping reinforce accountability, transparency, and credibility. Though adhering to insurance broker compliances may seem like a troublesome affair, it can help build a long-lasting reputation and credibility, allowing the firm to reap unprecedented growth with time. When things go wayward with compliances, it is better to avail of the support of a professional firm like Adviso- your trusted regulatory partner.
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