IRDA launches online examination system which will help insurance brokers undergo the mandatory 50 hours training online.
In a bid to expedite examination process and reduce cost of training, IRDA has launched online examination system for insurance brokers through which they can give examinations and undergo training online.
The regulator has authorized National Insurance Academy (NIA) to conduct online training and examinations.
In a press release, the regulator said, “The IRDA in an effort to reduce the cost of training and also make the training broad based, has decided to conduct training as well as the examinations of the insurance brokers online. For this purpose, the NIA, Pune in collaboration with NSEIT, Mumbai has made available the online examination module ready and the same has been formally inaugurated by Chairman, IRDA. It is expected that the online training will be operationalized very soon.”
IRDA rules require both Principal Officer and employees of insurance broking firms to undergo theoretical and practical training for soliciting and procuring insurance business.
With this move, the cost of training and examination is expected to come down by more than 50%.
Earlier, IRDA had reduced training hours of insurance brokers from 100 hours to 50 hours in order to reduce costs.