Irda clarifies on role of micro-insurance agents

Insurance regulator has barred micro-insurance agent to employ specified person working for another micro-insurance agent

Regulatory and Development Authority (Irda) today clarified entities already licensed for soliciting the business or appointed as referral company are not eligible to be appointed as micro-agents.

According to existing regulations, district cooperative banks, regional rural and urban co-operative banks, primary agricultural cooperative societies, companies appointed as banking correspondents and individual owners of kirana shop, medical shop, petrol bunk and PCOs in rural areas are allowed to act as micro-agents.

said a specified person who resigns from a micro-agent is eligible for appointment with another micro-agent or other only after three months from the date of resignation.

The regulator has also barred micro-agents from employing the specified person working for another micro-agent.

It has said licensed individual agents, specified persons of licensed corporate agents and employees of brokers cannot be employed as specified persons of micro agents.

Insurers have been asked to carry out due diligence before appointing micro-agents, in terms of their reputation and track record. These norms come into force with immediate effect.

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Business Standard
177 22
Business Standard

Irda clarifies on role of micro-insurance agents

Insurance regulator has barred micro-insurance agent to employ specified person working for another micro-insurance agent

BS Reporter  |  Mumbai 

Regulatory and Development Authority (Irda) today clarified entities already licensed for soliciting the business or appointed as referral company are not eligible to be appointed as micro-agents.

According to existing regulations, district cooperative banks, regional rural and urban co-operative banks, primary agricultural cooperative societies, companies appointed as banking correspondents and individual owners of kirana shop, medical shop, petrol bunk and PCOs in rural areas are allowed to act as micro-agents.



said a specified person who resigns from a micro-agent is eligible for appointment with another micro-agent or other only after three months from the date of resignation.

The regulator has also barred micro-agents from employing the specified person working for another micro-agent.

It has said licensed individual agents, specified persons of licensed corporate agents and employees of brokers cannot be employed as specified persons of micro agents.

Insurers have been asked to carry out due diligence before appointing micro-agents, in terms of their reputation and track record. These norms come into force with immediate effect.

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Irda clarifies on role of micro-insurance agents

Insurance regulator has barred micro-insurance agent to employ specified person working for another micro-insurance agent

Insurance regulator has barred micro-insurance agent to employ specified person working for another micro-insurance agent Regulatory and Development Authority (Irda) today clarified entities already licensed for soliciting the business or appointed as referral company are not eligible to be appointed as micro-agents.

According to existing regulations, district cooperative banks, regional rural and urban co-operative banks, primary agricultural cooperative societies, companies appointed as banking correspondents and individual owners of kirana shop, medical shop, petrol bunk and PCOs in rural areas are allowed to act as micro-agents.

said a specified person who resigns from a micro-agent is eligible for appointment with another micro-agent or other only after three months from the date of resignation.

The regulator has also barred micro-agents from employing the specified person working for another micro-agent.

It has said licensed individual agents, specified persons of licensed corporate agents and employees of brokers cannot be employed as specified persons of micro agents.

Insurers have been asked to carry out due diligence before appointing micro-agents, in terms of their reputation and track record. These norms come into force with immediate effect.
image
Business Standard
177 22

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