INDIAN ASSURER RELIANCE LIFE LOOKING FOR DISTRIBUTION PARTNERS

Indian assurer Reliance Life has said that it is exploring a distribution link-up with several banks following the move by the Indian insurance regulator IRDA to allow assurers to act as a distributor for several insurers. Reliance Life currently does not have a distribution agreement with an Indian bank. The company said that it would consider selling 5% stake in the assurer to banks that signed up to be distribution partners. Reliance Life CEO Anup Rau said that "our current distribution gap can be served by one bank of a significant size and reach. If we do not get the bank of that critical size, we can have more than one bank on board for selling our insurance products".