Licensing Of Corporate Agents In Insurance Industry India
The IRDA (Licensing of Corporate Agents) Regulations, 2002 provides the licensing framework for Corporate Agents similar to the Regulations applicable to Individual Agents. The Corporate Agents regulations recognize agents who are one of the following entities (as against individual agents who are licensed under the IRDA (Licensing of Insurance Agents) Regulations, 2002):
(a) Firm
(b) Company under the Companies Act, 1956
(c) Banking company
(d) Co-operative society
(e) Panchayat or local authority
(f) Non-Government organisation
The licence is issued to the entity as against the individual under licensing of individual agents. However, the persons who are authorised to sell on behalf of a Corporate Agent will have to undergo the training and examination requirements similar to that of an Individual agent. The Corporate agent shall have the following persons at the minimum as per the Regulations:
(a) Corporate Insurance Executive (‘CIE’)
(b) Specified Persons (‘SP’)
The IRDA (Licensing of Corporate Agents) Regulations, 2002 provides the licensing framework for Corporate Agents similar to the Regulations applicable to Individual Agents. The Corporate Agents regulations recognize agents who are one of the following entities (as against individual agents who are licensed under the IRDA (Licensing of Insurance Agents) Regulations, 2002):
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(a) Firm
(b) Company under the Companies Act, 1956
(c) Banking company
(d) Co-operative society
(e) Panchayat or local authority
(f) Non-Government organisation
The licence is issued to the entity as against the individual under licensing of individual agents. However, the persons who are authorised to sell on behalf of a Corporate Agent will have to undergo the training and examination requirements similar to that of an Individual agent. The Corporate agent shall have the following persons at the minimum as per the Regulations:
(a) Corporate Insurance Executive (‘CIE’)
(b) Specified Persons (‘SP’)
Insurance Law And Practice - ICSI
Licensing Of Corporate Agents In Insurance Industry India
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