Insurers told to issue notices to corporate agents

The Insurance Regulatory and Development Authority (Irda) has asked insurers to issue show cause notices to and abstain from doing any business with 884 corporate agents who had not registered their PAN (permanent account number) with the agency licensing web portal.

Last month, Irda had advised all insurers to update the income tax PAN of their corporate agents on the agent licensing web portal before July 31. Irda wanted the insurance companies to complete this exercise by September 30.