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Individuals, firms, and companies must obtain a licence from a designated person to act as insurance agents or composite insurance agents. The applicant submits an application in the specified form with the required fees to the designated person. The applicant must satisfy educational, practical training, and pre-recruitment examination requirements. Licensed agents must adhere to the specified code of conduct.
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[ भाग III—खण्ड 4] भारत का राजपत्र : असाधारण 15
New Delhi, the 14th July, 2000
F. No. IRDA/Reg/7/2000.— In exercise of the powers conferred by sub-section (6) of section 42 and clauses (k), (l), (m), (n), (o) and (p) of sub-section (2) of section 114A of the Insurance Act, 1938 (4 of 1938), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following regulations, namely:-
In these regulations, unless the context otherwise requires, -
(1) A person desiring to obtain or renew a licence (hereinafter referred to as "the applicant") to act as an insurance agent or a composite insurance agent shall proceed as follows:-
(a) the applicant shall make an application to a designated person---
Provided that the applicant, who desires to be a composite insurance agent, shall make two separate applications.
(b) The fees payable by the applicant to the Authority shall be as specified in Regulation 7.
(2) The designated person may, on receipt of the application along with the evidence of payment of fees to the Authority, and on being satisfied that the applicant, ---
grant or renew, as the case may be, a licence in Form IRDA-Agents-VB, along with identity card in Form IRDA-Agents-VZ:
Provided that in the case of a corporate agent, the identity card shall be in Form IRDA-Agent-VY.
Provided further that such identity card from one life insurer and such identity card from one general insurer shall be provided to the applicant seeking licence to act as a composite insurance agent.
Provided further that in the case of a firm or a company, all of its partners or directors, as the case may be, shall fulfil the requirements of sub-clauses (i) to (iii).
Provided further a licence issued in accordance with this regulation shall entitle the applicant to act as insurance agent for one life insurer or one general insurer or both, as the case may be.
(3) If the designated person refuses to grant or renew a licence under this regulation, he shall give the reasons therefor to the applicant.
The applicant shall possess the minimum qualification of a pass in 12th Standard or equivalent examination conducted by any recognised Board/Institution, where the applicant resides in a place with a population of five thousand or more as per the last census, and a pass in 10th Standard or equivalent examination from a recognised Board/ Institution if the applicant resides in any other place.
(1) The applicant shall have completed from an approved institution, at least, one hundred hours' practical training in life or general insurance business, as the case may be, which may be spread over three to four weeks, where such applicant is seeking licence for the first time to act as insurance agent.
Provided that the applicant shall have completed from an approved institution, at least, one hundred fifty hours' practical training in life and general insurance business, which may be spread over six to eight weeks, where such applicant is seeking licence for the first time to act as a composite insurance agent.
(2) Where the applicant, referred to under sub-regulation (1), is---
he shall have completed, at least, fifty hours' practical training from an approved institution.
Provided that such applicant shall have completed from an approved institution, at least, seventy hours' practical training in life and general insurance business, where such applicant is seeking licence for the first time to act as a composite insurance agent.
(3) An applicant, who has been granted a licence after the commencement of these regulations, before seeking renewal of licence to act as an insurance agent, shall have completed, at least twenty-five hours' practical training in life or general insurance business, as the case may be, from an approved institution.
