In order to stop mis-selling of insurance products by banks, the Insurance Regulatory and Development Authority of India (IRDAI) has asked corporate agents to maintain a database and give its access to the regulator. IRDAI chairman T.S. Vijayan told reporters here after inaugurating the regulator's second regional office in Mumbai yesterday that one of the problems that is encountered when intermediaries like banks are inspected, is that they do not have much of idea of the policy procured by them and who has procured it, among others. That is one of the loopholes that is to be plugged. The other regional office is in Delhi.<br/><br/>The policy and its sourcing will be mapped in the records of the corporate agents, which will then be made accessible to IRDAI. The regulator has asked corporate agents to maintain the database and give remote access to it.<br/>When asked about the licence to re-insurers, he said some of the entities have approached to the regulator. Vijayan further said new accounting norms for insurance companies will soon be out.<br/><br/>For non-life insurance companies, IRDAI has separated accounting into 11 categories and the insurers will have to maintain and report 11 accounts. Vijayan further said the new regional office will have two departments-inspection team, supervision team, initially.<br/>Also, IRDAI will issue corporate governance norms this month to address issues such as management control of insurance companies among other things. Vijayan said that Regulation for reinsurance companies will also be out this month. About seven foreign companies may open their branches in Mumbai.