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In an attempt to boost penetration of crop insurance in the country, the insurance regulator has allowed Agriculture Insurance Company of India (AIC) to use the agent network of other non-life insurers.
Insurance Regulatory and Development Authority (Irda) today said that AIC can distribute its own products by utilising the services of agents and corporate agents of other general insurance companies.
Irda said that agents and corporate agents wanting to offer services to AIC will have to submit a 'No Objection Certificate' obtained from their parent general insurer and enroll themselves with AIC.
However, this certificate is not required for utilisation of existing agency network of public general insurance companies by AIC to distribute government sponsored agriculture insurance schemes and distribution of in-house products on co-insurance basis with these insurers.
