MDRT to take up US visa issue on behalf of agents

The Million Dollar Round Table (MDRT), the global body of insurance agents, will take up with the US embassy the issue of grant of visas to Indian insurance agents.

Stephen Rothschild, vice-president of MDRT, will meet the US consultate general during his six-day visit to India. His agenda is to facilitate insurance agents to get US visas so that they may participate in the MDRT convention held annually in the US.

MDRT is a prestigious organisation of insurance agents across the globe, who have achieved the highest sales targets.

Despite many Indian agents qualifying for the MDRT, few have been able to fly to the US to attend the convention. This follow the US embassy insisting that the MDRT gives a guarantee that the agents attending the convention return back to their home country. The US government is not keen to grant visas to first-time US visitors.

Rothschild will be in India this week to celebrate MDRT Day for the first time in the country. He will also be meeting up with top executives of insurance companies including LIC and other leading private insurance companies based in Mumbai and Delhi.

To qualify for the MDRT, an agent in India needs to bring in Rs 1,492,500 in premium income or earn a commission of at least Rs 4,97,500 on first year premium. Less than 10 per cent of qualifying agents are able to attend the convention despite most of them applying for visas.

Some private insurers such as Bajaj Allianz Life are willing to stand guarantors for the agents. However, most are not willing to do so, as agents are not on the company's payrolls and, hence, the management would not like to take any chances.

The Life Insurance Corporation of India (LIC) has the maximum qualifying agents but the corporation is unable to stand guarantor as monitoring becomes a problem, said R K Shetty, zone chair (India, Sri Lanka and Nepal), MDRT, and an LIC agent.

"Every year we write to the senator of Illinois, pleading the case on behalf of our members to be given US visas in order to attend the annual MDRT convention," said the director heading international services at MDRT, Jill Meyer.

Post September 11, things have become worse. Indian insurance companies have pointed out to MDRT that if US entry restrictions cannot be reduced, the professional body should hold its annual meetings outside the US. About 50 per cent of MDRT members reside outside the US.