IRDA: Point of Salespersons- Distribution of Add-ons– Maintenance of records– Submission of Returns

No. IRDAI/INT/CIR/PSP/130/06/2017

5^th June 2017

To

All CEOs of General insurers & Health insurers

Principal Officers of Insurance Intermediaries

Sub: Point of Salespersons (PoSP) – Distribution of Add-ons – maintenance of records – submission  of Returns.

I. Your attention is drawn to the Guidelines on Point of Sales Person (POS) for Non-life and Health insurers No. IRDA/Int/GDL/ORD/183/10/2015 dated 26^th October 2015 and Circulars :-

1. No.IRDA/INT/GDL/ORD/057/03/2016 dated 11^th March 2016;

2. No.IRDA/INT/CIR/PSP/123/06/2016  dated 24^th June 2016;

3. No.IRDA/INT/CIR /PSP/139/07/2016 dated 13^th July 2016

1. The Authority has received requests from some of the insurers to allow Add-ons to be sold through Point of Sale (POS). Upon examination of the same it has been decided to allow Add-ons to be marketed through PoS, subject to the overall sum insured limit of the base product.

2. Insurers may therefore file the Add-on covers with the Authority.

1. In accordance with point No.VII (3) of Guidelines on Point of Sales Person (POS) No. IRDA/Int/GDL/ORD/183/10/2015 dated 26^th October 2015, the insurance companies and insurance intermediaries are advised to keep with them  the record of the particulars of the PoS and the business procured by them, as per format given at Annexure I.

1. Likewise in accordance with point No. VII (3) of Guidelines on Point of Sales Person (POS) No. IRDA/Int/GDL/ORD/183/10/2015 dated 26^th October 2015, insurance companies and insurance intermediaries are advised to file with the Authority the following:-

 Details of PoS as per format given at Annexure II.

 Details of products sold by PoS, as per format given at Annexure III.

2. The other terms and conditions of Guidelines and circulars related to Point of Sales, will remain unchanged.

 (P.J.Joseph)

Member (Non Life)

Annexure I

(refers to point No.III (1) of IRDAI Circular

No.IRDAI/INT/CIR/PSP/130/06/2017

dt. 05^th June 2017)

Name of the entity (Insurer/Insurance intermediary) ________________________

1. The information has to be maintained in electronic form by the insurance companies and insurance intermediaries, which can be accessed by the Authority on a remote location basis.

Annexure II

(refers to point No.IV(1)(i) of IRDAI Circular

 No.IRDAI/INT/CIR/PSP/130/06/2017

dt.05^th June  2017)

Name of the entity (Insurer/Insurance intermediary) ________________________

For the half yearly period ______________________________________

1. For the first half yearly period (April to Sep), the information has to be submmited on or before 31^st Oct

2. For the second half yearly period (Oct to Mar), the information has to be submmited on or before 30^th  April

Date :

Signature of the

Compliance Officer

Signature of the CEO

 Annexure III

(refers to point No.IV(1)(ii) of IRDAI Circular

 No.IRDAI/INT/CIR/PSP/130/06/2017

dt. 05^th  June 2017)

 Name of the entity (Insurer/Insurance intermediary) ________________________

For the half yearly period ______________________________________

1. For the first half yearly period (April to Sep), the information has to be submmited on or before 31^st Oct

2. For the second half yearly period (Oct to Mar), the information has to be submmited on or before 30^th  April

 Date :

Signature of the

Compliance Officer

Signature of the CEO