Laws and sections by number or title, due dates, pages, and updates.
The Insurance Regulatory and Development Authority of India modifies the procedure and qualification for engaging a Point of Sales Person for life insurance by removing the requirement for training from and passing of the NIELIT examination. Life insurers or intermediaries engaging a POS person must conduct fifteen hours of in-house training, hold an examination, issue a certificate to candidates who pass, execute a written agreement, and maintain training and examination records for at least five years. These changes take effect immediately.
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भारतीय बीमा विनियामक और विकास प्राधिकरण INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
Circular
Ref : IRDA/Life / ORD / GLD / 33 / 2017
February 7, 2017
Re : Modification to Guidelines on Point of Sales Person - Life Insurance
This is further to the guidelines issued on the Point of Sales Person dated $7^{\text{th}}$ November, 2016.
Based on the feedback of the Insurers and taking into account the practical ease for Insurer / intermediaries, the competent Authority has decided to dispense with the condition of training from and passing of the NIELIT examination and has amended the requisite procedure / qualification for being a POS Person as follows :
The Life Insurer or intermediary proposing to engage POS Person shall
The Model Syllabus for training of 'POS Person- Life insurance' is herewith attached in Annexure - I which may include the features of various POS products designed by the Insurer from time to time and may be modified and developed according to the changing need of the insurer and intermediaries.
Please note that other terms and conditions of the Guidelines would remain unchanged.
This circular has the approval of the competent Authority and comes in to force with immediate effect.
$\text{Sd/-}$ Member (Life)
Encl : a/a
परिश्रम 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
Annexure - I
MODULE 1 - INTRODUCTION TO INSURANCE
MODULE 2 - INDIAN INSURANCE MARKET
MODULE 3 - PRINCIPLES AND PRACTICE OF INSURANCE
MODULE 4 - POINT OF SALE - LIFE INURANCE PRODUCTS
MODULE 5 - Miscellaneous
