The Insurance Regulatory and Development Authority of India – IRDAI has allowed banks to tie up with insurers, to sell three products each from life, non-life and standalone health insurance segment. Speaking to reporters in Mumbai, IRDAI Member (Life), Nilesh Sathe said the decision will not be binding on banks, who are free to take their call. Commenting on the impact of increase in FDI cap in the insurance sector to 49 per cent, Sathe said a number of global insurance brokers and reinsurance companies have approached IRDAI expressing their wish to open branches in India. Clarifying about Know Your Customer norms, Mr. Sathe said that all financial sector regulators are working together to have a common KYC.