Irda Guidelines for Corporate Agents of Non-life Insurance Cos
By
siliconindia | Thursday, December 8, 2011
New Delhi: Insurance regulator IRDA today said corporate agents of non-life insurance companies would also come under the guidelines for the the minimum business requirements for general agents.
"The said provision of Minimum Business Requirements is now being extended to all corporate agents engaged with non life insurance companies for soliciting the insurance business," the Insurance Regulatory and Development Authority (IRDA) said in a circular.
IRDA had in February this year asked non-life insurers to lay down minimum business requirements for agents, which would be monitored on a regular basis.
It had said that insurers shall monitor the compliance of these guidelines by agents through appropriate software.
The regulator had at that time also said that employees of non-life insurance companies cannot engage their relatives as agents.
Source: PTI

