Date: 20th September, 2011
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All Non Life Insurers,
Re: Modification of Guidelines pertaining to Individual Agents – IRDA Circular Ref: IRDA/CAD/GDL/AGN/016/02/2011 dated 15th February, 2011
In partial modification of Clause (1) of the captioned circular the term ‘relative’ is re defined as “the term ‘relative’ shall include spouse, dependent children or dependent step children, whether residing with the employee or not”. Further it is clarified that this clause is applicable only in respect of agents who are licensed or whose agency is transferred to another insurer on or after 01st July, 2011.
All other provisions of the captioned circular are ‘nriutatis mutandis’ applicable as outlined therein.
(G Prabhakara) Member (Life)