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The Insurance Regulatory and Development Authority of India expands the list of products that non-life and health insurers and insurance intermediaries can solicit and market through the Point of Salesperson channel. The new products include Cattle and Livestock insurance, Agricultural Pump set Insurance, Fire and Allied Peril Dwelling Insurance, and specified government insurance schemes without any limit on the sum insured. Insurers must prefix the word POS to the product names for sale through this channel and prepare management information system reports covering issued policies, procured premium, and risk sum insured.
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[Image omitted. See the official document.]
Ref: IRDA/INT/CIR/PSP/139/07/2016
भारतीय बीमा विनियामक और विकास प्राधिकरण INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Date: 13th July, 2016
Circular
To All CEOs of Non-Life & Health Insurers and Insurance Intermediaries
Sub: Addition of Products for sale through Point of Salesperson (POS)
Your attention is drawn to the Guidelines on Point of Sales Person (POS) for Non-life and Health Insurers No. IRDA/ Int/ GDL/ ORD/ 183/ 10/ 2015 dated 26th October, 2015, Circular No. IRDA/ INT/ GDL/ ORD/ 057/ 03/ 2016 dated 11th March, 2016 and Circular No. IRDA/ INT/ CIR/ PSP/ 123/ 06/ 2016 dated 24th July, 2016 which gives the types of products that can be solicited by the POS.
However, recently there are requests made to the Authority by some of the insurers to expand the list of products so as to have some parity between the products sold through CSC-SPV and those sold through Point of Sale (POS). The Authority on examination of the request made, has decided to include the following additional products which can be solicited and marketed through POS
Cattle /Live stock
Agricultural Pump set Insurance
Fire & Allied Peril Dwelling Insurance
Crop insurance (Government insurance schemes such as Pradhan Mantri Fasal Bima Yojana (PMFBY), Weather Based Crop Insurance Scheme (WBCIS) & Coconut Palm Insurance Scheme (CPIS) without any limit on Sum Insured).
Government insurance schemes such as Pradhan Mantri Jeevan Suraksha Bima Yojana (PMJSBY) without any limit on Sum Insured.
The above mentioned products shall be as per the aforesaid circulars except for Government Schemes wherein the terms, conditions, benefits etc. are decided by the Government. Therefore the File & Use procedure applicable to Government Schemes may be followed.
Further the company shall pre-fix with the word POS to those products to sell it through the POS channel. In addition, the company may prepare MIS reports covering number of policies issued, premium procured, sum insured at risk, POS involved, etc.
[Image omitted. See the official document.]
(P. J. Joseph) Member (Non-Life)
परिश्रम भवन, तीसरा तल, बशीरबाग, हैदराबाद-500 004. भारत (C) : 91-040-2338 1100, फ़ैक्स: 91-040-6682 3334 ई-मेल: irda@irda.gov.in वेब: www.irda.gov.in Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004. India. Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334 E-mail : irda@irda.gov.in Web.: www.irda.gov.in
