mumbai sbi general insurance has opposed the idea of making it mandatory for banks to sell insurance covers of multiple companies saying it will not solve the problem of misselling of products sbi general insurance a joint venture between the state bank of india sbi and insurance australia group iag has written to the insurance regulator stating that it disagrees with the proposal mike wilkins managing director and ceo at iag told et he however added that the general insurance company will take a fresh look at its marketing strategy if the insurance regulator and development authority irda implements the new insurance distribution model the finance ministry and the insurance regulator have made it explicitly clear that banks will soon have to adopt the broking model where they sell covers of all insurance companies and disband the existing practice of corporate agency wherein they sell insurance products of a single company with whom they have an exclusive tieup wilkins said if banks have to offer products of multiple insurers it may result in insurance companies selling only those products that are profitable to them and not to customers we believe that it will not solve the problem of misselling of products he said the proposal to do away with corporate agency model created ripples within banking and insurance companies as many banks and global insurance companies share a cozy relation on account of exclusive arrangements the sbi and its five associate banks with over 14000 branches control onefourth of market share in terms of deposits and advances in india and have an exclusive arrangement to sell general insurance cover of sbi general