New Delhi, July 26 -- Mis-selling remains one of the insurance industry's biggest challenges, and tackling it will require holding individual salespeople-not just intermediaries-accountable, Insurance Regulatory and Development Authority of India (Irdai) chairman Ajay Seth said on Saturday.

Speaking at the silver jubilee conclave of the Insurance Brokers Association of India (IBAI) in New Delhi, Seth said insurers should be able to trace every policy back to the individual point of sales person (POSP), agent or salesperson who sold it. "At present, such a database does not exist."

Currently, in bancassurance and broker-led sales, insurers typically identify only the intermediary, such as a bank or insurance broker, and not the individua...