SUBSCRIBE NEWSLETTER
  • Change Language
  • English
  • Hindi
  • Marathi
  • Gujarati
  • Punjabi
  • Tamil
  • Telugu
  • Bengali
  • Insurance IRDAI may relax agency norms to sell simple insurance policies

    IRDAI may relax agency norms to sell simple insurance policies

    Individuals who wish to distribute plain vanilla products like motor third party insurance may be allowed to sell them without acquiring agency license.
    Nishant Patnaik Jun 29, 2016

    IRDAI may relax the agency license requirement for individuals who wish to distribute plain vanilla insurance policies such as motor third party insurance products.

    In the minutes of the meeting released by IRDAI, the Joint Director (Agency Distribution) has recommended that IRDAI should consider relaxing agency norms to facilitate distribution of simple insurance policies such as motor third party policies through agencies like Pollution Check Centres.

    IRDAI said, “Provided that the insurance regulator may exempt one or more of the above conditions for such applicants who are to be appointed to distribute specific insurance products having fixed premium and/or benefits such as motor third party insurance. Provided that while making such exemptions, other conditions to be fulfilled, if any, may also be specified by the authority.”

    Simple products are those which have standard features and pre-defined benefits. Products such as Pradhan Mantri Bima Yojana and Pradhan Mantri Suraksha Yojana fall in this category.

    Have a query or a doubt?
    Need a clarification or more information on an issue?
    Cafemutual welcomes all mutual fund and insurance related questions. So write in to us at newsdesk@cafemutual.com

    Click to clap
    Disclaimer: Cafemutual is an industry platform of mutual fund professionals. Our visitors are requested to maintain the decorum of the platform when expressing their thoughts and commenting on articles. Viewers are advised to refrain from making defamatory allegations against individuals. Those making abusive language or defamatory allegations will be blocked from accessing the web site.
    0 Comment
    Be the first to comment.
    Login or Sign up to post comments.
    More than 2,07,000 of your industry peers are staying on top of their game by receiving daily tips, ideas and articles on growth strategies. Join them and stay updated by subscribing to Cafemutual newsletters.

    Fill in the below details or write to newsdesk@cafemutual.com and subscribe to Cafemutual Newsletter now.