Date: 07th December, 2011
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Re: Guidelines Pertaining to Corporate Agents
Reference is invited to the Authority’s Circular Ref: IRDA/CAD/GDL/AGN/016/02/ 2011 dated 151h February, 2011 wherein, interalia, all Non Life Insurers are directed to lay down Minimum Business Requirements for Individual 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. Accordingly, all Non Life Insurers are directed to lay down the Minimum Business Requirements for Corporate Agents and monitor the performance of Corporate Agents in this regard as often as it is required.
The above guidelines are issued under the provisions of Section 14 (2) of the Insurance Regulatory and Development Authority Act, 1999 and are applicable with immediate effect.
J. Hari Narayan