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Which of the following is NOT classified as an insurance intermediary acting as a channel of distribution per IRDA?
A{'text': 'Brokers', 'letter': 'A'}
B{'text': 'Web-aggregators', 'letter': 'B'}
C{'text': 'Corporate agents', 'letter': 'C'}
D{'text': 'Insurance Repositories', 'letter': 'D'}
Answer & Solution
Correct answer: D. {'text': 'Insurance Repositories', 'letter': 'D'}
1. IRDA classifies channels of distribution: insurance agents, corporate agents (incl. banks), brokers, micro-insurance agents, web-aggregators, others like Common Service Centres.
2. Insurance Repositories are listed separately under 'Other intermediaries' along with third-party administrators and surveyors.
3. Hence Repositories are not channels of distribution.
_Source: IRDA Brochure (irdai.gov.in — official IRDAI publication) — "Intermediaries as Channels of distribution - Insurance agents - Corporate agents including banks - Brokers - Microinsurance agents - Web-aggregators - Others like Common Service Centres ... Other intermediaries - Third party administrators - Surveyors and loss assessors - Insurance Repositories"_