new delhi expect insurers to come knocking if you had an interaction with a stateowned company recently the new guidelines on sharing of database for distribution of insurance products issued by the insurance regulator irda have allowed insurers to tap databases of public companies and agencies subject to some restrictions both state and central agencies have huge databases not only in the urban and semiurban areas but also in rural india for example it will be a coup if a health insurer can tie up with a government agency such as a state hospital said a senior official with insurance regulatory and development authority irda the referral agency has been allowed to share all personal and financial data of its customers with the insurer provided it is not bound by any confidentiality agreement but such arrangements have to be approved by the regulator insurance companies however feel mere access to data is often not enough the current rules allow insurance companies referral arrangement with nonbanking entities that are not linked to the business of insurance in any form insurance companies will now be able to tieup with regional rural banks and cooperative banks and stateowned agencies such as the railways the regulator could even relax the condition of the referral company having a minimum networth of rs 50 lakh and a minimum turnover of rs one crore during the three previous consecutive years there could be some relaxation provided if a insurer comes with a proposal involving a state or central government agency the irda official said organisations such as bsnl mtnl and even railways have a huge customer base so far weve not entered into agreement with any such agency but we may explore this opportunity said md ceo idbi fortis life insurance gv nageswara rao others are not so enthused access to details is the just the start for actually converting it into sales the referral company should have earned the loyalty of the customer otherwise it may look like encroachment of privacy said a ceo of a leading insurance firm the regulator has also put some restrictions on the referral companies as well they cannot derive more than 10 of their income through referral business they can enter into agreements with only one insurer in both life and general space the official said the guidelines also restrict insurers not to pay over 25 commission to referral companies for such database that is converted into sales