Agency License , Code of Coduct & Agency Rules

7/26/2019 Agency License , Code of Coduct & Agency Rules

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gency license ,

Code of conduct

& gency rules



1.(a) Agent should obey the rules ofIRDA ( licensing of insurance Agents)regulation act 2000 ,They shall comeinto force on the date of theirublication in !a"ette ie 1#th $uly,2000. %urther these regulationscalled the insurance regulatory &

De'eloment Authority (icensing of



They shall come into force *.e.f. 1 st+o'ember,200.

They Agent also should obey theAgents Regulations Act 12.

(b) IRDA (-olicy holders rotection )act 2002.

(c) IRDA ( Insurance ad'ertisement &ublications ) act 2000.



uali/cations necessary before gi'ing alicense

is

1. e 3he must be 14 years old.2. a'e assed at least 10th standard12th

standard as the case may be.

5. a'e undergone ractical training of 60

hours6 hours as the case may be, from IRDAaro'ed training Institute centre.

#. as to deosit Rs.560 re7 recruitment 89amfee and Rs160 %or training fee.



5. He / She have to fill up the pre- recruitmentforms

A. Sponsorship Form

B. Annexure I C. Photos

Immediatel completin! his I"#A trainin!

he has to pass out his I"#A exam. $hich is

conducted % a reco!ni&ed compan.



'he license once issued( can %ecancelled )henever the personac*uires a dis*ualification+

,. Application for rene)al have to madeat least thirt das %efore the expir oflicense ( alon! )ith rene)al fee of"s.5/-

. If the application is not produced )ithinstipulated time than )ithin thirt das%efore the expir of license ( anadditional fee of "s.,/- is paa%le.



. If the application made after the date of expir(it )ould %e normall refused. If es( in certain

conditions than an additional fee of "s 05/-)ill %e char!ed and suret )ill not %e there.

1. 'he a!ent have to complete 5/5 hours ofpractical trainin! as the case ma %e.

5. Insurer )ho select a!ents for appointment(ma2e arran!ements for trainin! (for appearin!in the prescri%ed examinations( and o%tainin!the license from I"#A.



After passin! the I"#A 3xamination thecandidate have to su%mit the follo)in!re*uirements for issuance of a license +

,. Application for a!enc )ith fee "s. 5/-. Photo!raphs

. Certified copies of his educational *ualifications

1. "esidence proof

5. Proof of identification

4. #evelopment officers report . 0. Form ofnomination. 6. Proof of passin! the exam.



(c) e *ill try to admit the dateof birth of A at the time ofacceting the case.

(d) e *ill not interfere in theothers business.

5. e *ill :ee in touch himself*ith his earlier customers to

:ee in force his re'iousbusiness.

(a) e *ill consult to the e'erycustomer for nomination andassignment.



(b) e *ill try to deosit all the dueremiums of his customers *ithinstiulated time or *ithin grace

eriod. (c) e should try not to become a

olicy lase aid u.

(d) e *ill hel the olicy holders intheir claim settlement, also hel in/lling claim related forms .

Premium

#ue 8ist



#. e is not authori"ed tocollect any rene*alremium , acceting anyris: from olicy holders

for cororation, but thecororation canauthori"e an agent forcollecting the rene*al

remium from olicyholders.

6. e can not use the

logo of cororation forhis o*n choice but the



Code of conduct——Every erson holding alicense, shall adhere to the code of conductseci/ed

belo*7(i) Every insurance agent shall,—

(a) identify himself and the insurance comany of*hom he is an insurance agent;

(b) disclose his license to the rosect ondemand;

(c) disseminate the re<uisite information in

resect of insurance roducts o=ered for sale byhis



insurer and ta:e into account the needs of therosect *hile recommending a seci/cinsurance lan;

(d) disclose the scales of commission in resect ofthe insurance roduct o=ered for sale, if as:ed by

the rosect;

(e) indicate the remium to be charged by theinsurer for the insurance roduct o=ered for sale



(f) e9lain to the rosect the nature ofinformation re<uired in the roosal form by theinsurer,

and also the imortance of disclosure of materialinformation in the urchase of an insurancecontract;

(g) bring to the notice of the insurer any ad'ersehabits or income inconsistency of the rosect inthe form of a reort (called >Insurance Agent?s@on/dential Reort) along *ith e'ery roosal

submitted to the insurer,



and any material fact that may ad'ersely a=ectthe under*riting decision of the insurer asregards accetance of the roosal, by ma:ing allreasonable en<uiries about the rosect;

(h) inform romtly to the rosect about theaccetance or re$ection of the roosal by the

insurer (i) obtain the re<uisite documents at thetime of /ling the roosal form *ith the insurer;and other documents subse<uently as:ed for ,bythe insurer for comletion of the roosal



($) render necessary assistance to theolicyholders or claimants or bene/ciaries incomlying *ith the re<uirements for settlementof claims by the insurer;

(:) ad'ise e'ery indi'idual olicyholder to e=ectnomination or assignment or change of address

ore9ercise of otions, as the case may be, and o=ernecessary assistance in this behalf, *here'ernecessary;



(a) solicit or rocure insurance business *ithoutholding a 'alid license;

(b) induce the rosect to omit any materialinformation in the roosal form;

(c) induce the rosect to submit *ronginformation in the roosal form or documents

submitted to the insurer for accetance of theroosal;

(d) beha'e in a discourteous manner *ith therosect



(e) interfere *ith any roosal introduced by anyother insurance agent;

(f) o=er di=erent rates, ad'antages, terms andconditions other than those o=ered by his insurer;

(g) demand or recei'e a share of roceeds fromthe bene/ciary under an insurance contract;

(h) force a olicyholder to terminate the e9istingolicy and to e=ect a ne* roosal from him*ithin three years from the date of suchtermination



(i) aly for fresh license to act as an insuranceagent,

if his license *as earlier cancelled by thedesignated

erson, and a eriod of /'e years has notelased

from the date of such cancellation; *ill not be

issuedthe ne* fresh license.



($) become or remain a director of any insurancecomany;

(iii) 8'ery insurance agent shall, *ith a 'ie* toconser'e the insurance business already rocuredthrough him, ma:e e'ery attemt to ensureremittance of the remiums by the olicyholders

*ithin the stiulated time, by gi'ing notice to theolicyholder orally and in *riting.



Cancellation of license The designatederson may cancel a license of an insuranceagent, if the

insurance agent su=ers, at any time duringthe currency of the license, from any of thedis<uali/cations

mentioned in sub7section (#) of section #2 of

the Act, and reco'er from him the license andthe identity card issued earlier.



A erson *ith the follo*ingdis<uali/cations is debarred from holdinga license

1. e has been found to be of unsound mindby a court of cometent $urisdiction.

2. e has been found guilty of criminalbreach of trust, misaroriation,cheating, forgery or abetment or attemtto commit any such o=ence.



Issue of duplicate license.The Authoritymay issue a dulicate license, relace alicense lost, destroyed, or mutilated onayment a fee of ruees /fty.

+on7alication to existing insuranceagents. +othing contained in Regulations #

to E of theseRegulations shall aly to the e9istingagents before the commencement of theseRegulations



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Agency License , Code of Coduct & Agency Rules

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