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The Insurance Regulatory and Development Authority of India includes specific government sponsored crop insurance schemes for solicitation through Point of Sales Persons of non-life insurers. Non-life insurers distribute Pradhan Mantri Fasal Bima Yojana, Weather Based Crop Insurance Scheme, and Coconut Palm Insurance Scheme through Point of Sales Persons. The Authority removes the cap on the sum insured for these government sponsored crop insurance schemes. Insurers follow the procedure prescribed under clause 3 of Para V of the existing guidelines when they solicit and procure these products. The addition of products is effective from the date of issuance.
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[Image omitted. See the official document.]
Ref. No. IRDA/INT/CIR/ PSP/ 123/ 06/ 2016
24th June, 2016
Circular
To
All CEOs of Non-life
Subject: Guidelines on Point of Sales Person - Govt. approved Crop Insurance Scheme.
Reference is drawn to the Guidelines on Point of Sales Person for Non-life and Health Insurers issued vide No. IRDA/Inf/GDL/ORD/183/10/2015 dated 26th October, 2015 and also Circular No. IRDA/INT/GDL/ORD/047/03/2016 dt.11.03.2016.
The Authority, under the power vested with it under clause 1(f) of Para V of the Guidelines hereby decides to include the following Government sponsored crop insurance Schemes that can be solicited and procured through Point of Sales Persons of non-life insurers:
The Authority, removes cap on sum insured for the above mentioned Government sponsored crop insurance Schemes.
The insurers wishing to solicit and procure the above Government sponsored crop insurance schemes through Point of Sales Persons shall follow the procedure prescribed under clause 3 of Para V of the Guidelines on Point of Sales Person - Non-life & Health Insurers.
The above addition of products to the Guidelines is effective from the date of its issuance.
[Image omitted. See the official document.]
(P.J. Joseph) Member (Non-Life)
परिष्रम भवन, तीसरा तल, बशीरबाग, हैदराबाद-500 004. भारत (C) : 91-040-2338 1100, फैक्स: 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
