IRDA raps 884 corporate agents for not registering PAN

The Insurance Regulatory and Development Authority (IRDA) today told insurance companies to abstain form doing business with 884 corporate agents who had not registered their PAN (permanent account number) with the agency licensing web portal.

On 11 July, IRDA had advised all insurers through the agency portal to update the income tax PAN number of their corporate agents on the agent licensing web portal before 31 July.

So far, 884 corporate agents have failed to register their PANs with IRDA’s Agency License Portal, IRDA said.

“In this respect, the insurers are advised to issue a show cause notice to the Corporate Agents … to furnish reasons for failure to produce the PAN number and why the Insurer should not recommend to the Authority for the cancellation of their corporate agent license,” the regulator said in a statement.

Insurers have till 30 September to complete the exercise and should abstain from doing any business from these corporate agents until the PAN of the entities is registered in the portal by the insurers, the regulator said.