Current Affairs · Banking & Insurance Regulations

Consider the following statements regarding the 'Bancassurance' model in India under current IRDAI regulations: I. 'Bancassurance' refers to a model where banks act as corporate agents for insurance companies to sell their products to bank customers. II. Under the open architecture norms, a bank is permitted to tie up with a maximum of nine life, nine general, and nine health insurance companies. III. The bank is responsible for the underwriting of the insurance policies sold through its branches and must settle the claims from its own reserves. IV. 'Bundling' or 'Forced Selling' of insurance products with bank loans is strictly prohibited under the IRDAI Code of Conduct for corporate agents. Which of the assessments of these statements is most accurate?