IRDAI has allowed insurance companies to conduct online exams to recruit new agents and renew license of existing agents.
With this, IC-38 examination, which is mandatory to obtain new insurance agency license and renew agency license, will be conducted on remote proctor model proposed by NSEIT. “However, this model shall be allowed on pilot basis for an initial time period of thirty days in the four cities- Mumbai, Delhi, Kolkata and Trivandrum.”
IRDAI has asked NSEIT to provide details on fees, IT requirement and demo for the examination process to insurance companies.
Currently, candidates appearing for IC-38 exams are required to complete 50 hours of training from an IRDAI approved training institution to become life and general Insurance agent. The agency license is valid for three years.
There will be no substantial impact on the existing workforce i.e. renewal of license. While most insurers renew agency license based on business performance of their agents, a few insurers insist their agents to undergo mandatory training to keep their license active.
Post one month, IRDAI will evaluate the online model and decide if it should be conducted on continuous basis.
