IRDAI has asked insurance companies and insurance intermediaries, such as agents and brokers, to share information about the appointed sales representative, called Point-of-Sale Persons (PoSPs), with the Insurance Information Bureau (IIB).
The insurance regulator has directed them to start uploading such data from April 15, 2017 on IIB’s portal https://pos.iib.gov.in.
The move would help the insurance regulator to monitor activities of PoSPs.
Last year, IRDAI had allowed insurance companies and insurance intermediaries, like agents, brokers and insurance marketing firms, to appoint sales representatives, i.e., PoSPs across the country. According to the guidelines, agents can appoint a matriculate as their sales representative to solicit insurance policies anywhere in India.