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The Insurance Regulatory and Development Authority of India adds Farmer Producer Companies to the list of Micro Insurance Agents. All insurers must note this addition under the micro insurance framework. The competent authority makes this decision based on insurer feedback. The inclusion applies to Farmer Producer Companies registered under the Companies Act. This circular takes effect immediately on April 26, 2017.
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No. IRDA/LIFE/CIR/MIN/o'J!/04/2017
April 26, 2017
CIRCULAR
To
All Insurers,
Re: Inclusion of "Farmer Producer Company (FPC) in the list of Micro Insurance Agent"
Reference is invited to Regulation 2 (f) of IRDAI (Micro Insurance) Regulations 2015 (Regulations) which defines a "Micro-insurance Agent".
Based on the feedback of the Insurers, it has been decided by the Competent Authority to include the "Farmer Producer Companies (FPC)" registered under Companies Act, 2013 (reference: Section 465 (1) of the Companies Act, 2013 and Part IX A of Companies Act, 1956) in the list of "Micro Insurance Agents".
This Circular is issued by exercising the powers vested under Regulation 14 (2) (e) of IRDA Act, 1999 and comes into force with immediate effect.
[Image omitted. See the official document.]
(Nilesh Sathe) Member (Life)
परिश्रम भवन, तीसरा तल, बशीरबाग, हैदराबाद-500 004. भारत (9) : 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
