Procedures For Renewal of Insurance Agency licence In India
How To Renew Insurance Agency Licence
A licence is issued for a period of three years at a time. At the end of the third year, the licence is required to be renewed. The following are the conditions for renewal of licence:
(a) Completion of practical training for 25 hours for Life or General insurance, as the case may be or 50 hours for renewal of composite agency licence
(b) Payment of fees of Rs.250 towards renewal of licence. If the application for renewal does not reach atleast 30 days before the due date for renewal, an additional fee of Rs.100 by way of penalty is payable. If the application for renewal reaches after the expiry of licence, IRDA may consider the application for renewal upon imposition of a penalty of Rs.750.
(c) Maintenance of a minimum persistency of 50% during the licence period (as per IRDA’s persistency guidelines dated 11 February 2011
(d) The Agent does not suffer from any of the disqualifications mentioned in the previous section
(e) Renewal training on Anti-money laundering as may be prescribed by the insurer from time to time
How To Renew Insurance Agency Licence
A licence is issued for a period of three years at a time. At the end of the third year, the licence is required to be renewed. The following are the conditions for renewal of licence:
(a) Completion of practical training for 25 hours for Life or General insurance, as the case may be or 50 hours for renewal of composite agency licence
(b) Payment of fees of Rs.250 towards renewal of licence. If the application for renewal does not reach atleast 30 days before the due date for renewal, an additional fee of Rs.100 by way of penalty is payable. If the application for renewal reaches after the expiry of licence, IRDA may consider the application for renewal upon imposition of a penalty of Rs.750.
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(c) Maintenance of a minimum persistency of 50% during the licence period (as per IRDA’s persistency guidelines dated 11 February 2011
(d) The Agent does not suffer from any of the disqualifications mentioned in the previous section
(e) Renewal training on Anti-money laundering as may be prescribed by the insurer from time to time
Insurance Law And Practice - ICSI
Procedures For Renewal of Insurance Agency licence In India
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