IRDA issued Clarifications/instructions regarding new agency Licensing Portal

Circular No. IRDA/CAGTS/CIR/LCE/082/05/2010, dated 17-5-2010

As you are aware, the New Agency Portal has come into operation from on 5^th January, 2010.  In connection with the operation of the said Portal, the following clarifications/instructions are issued by this Authority for compliance.

1. Insurer must ensure that the CIE of the Corporate Agent is issued a Certificate entitling him to solicit business on behalf of the Corporate Agent.

2. A person holding an individual insurance agent license who wishes to operate under a Corporate Agent as  –

(1) Corporate Insurance Executive (OR)

(2) Specified Person

shall surrender the individual license and apply afresh with requisite fee. However, such a person need not go through a further process of training and pass the examination within the period of license granted to him.

3. Any person who holds a Certificate under a corporate agent but wishes to operate as an Individual agent shall surrender his certificate and shall apply for individual Agent license with requisite fee.  However, such a person need not go through a further process of training and pass the examination within the period of license granted to the Corporate Agent.

4. In cases where circumstances exist due to which the licence could not be renewed on time. Maximum grace period of one year from the date of expiry is permitted for renewing the license. In case the license of a person is not renewed unrenowned even after expiry of grace period, the candidate has to undergo training and pass the examination afresh for getting the agent licence.

5. In case the candidate who appeared for pre recruitment examination for agents and is declared unsuccessful, he/she is permitted to apply for transfer of URN to new insurer, if interested.

6. Any agent who is aged 75 years or above seeking renewal of agent licence should produce a Life certificate from a Gazetted Officer to the DP.

All the Insurers are requested to take note of the above and take necessary action for compliance accordingly.