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IRDAI has allowed insurance sales person to deactivate their license if they wish to discontinue insurance sales.
Insurance sales person include point of sale persons (PoSPs), broker qualified persons, insurance sales persons (ISP) of insurance marketing firms (IMFs), authorized verifiers of web aggregators and salesperson of motor insurance service providers (MISPs).
The insurance sales person can visit www.envoy.iib.gov.in to seek deactivation. Such salespersons can do so by keying in OTP received on their registered mobile number.
In a circular, IRDAI said, “A new provision has been created in the ENVOY portal for self-deactivation of the salespersons. The salesperson seeking to disengage from the current principal would access the portal (https://www.envoy.iib.gov.in) and seek deactivation. The portal after an OTP based verification on the registered mobile number would allow for self-deactivation in compliance with the relevant regulations, after a thirty-day waiting period or upon receiving insurer/intermediary consent whichever is earlier.”
So far, this facility is only available for individual agents and brokers. With this, they can report exit of their employees through this portal. IRDAI norms direct insurance agents and intermediaries to report status of their employees like enrolment and termination.
This facility is effective from June 8.
