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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 I938), the Authority,
in consultation with the Insurance Advisory Committee, hereby makes
the following regulations, namely--
1.
Short title and commencement
(1)
These regulations may be called Insurance Regulatory and Development
Authority (Licensing of Insurance Agents) Regulations, 2000.
(2)
They shall come into force on the date of their publication in the
Official Gazette.
2.
Definitions
In
these regulations, unless the context otherwise requires,--
(a)
"Act" means the Insurance Act, 1938 (4 of 1938);
(b)
"Approved lnstitution" means an institution engaged
in education and/or training particularly in the area of insurance
sales, service and marketing, approved and notified by the
Authority;
(c)
"Authority" means the Insurance Regulatory and
Development Authority established under the provisions of section 3
of the Insurance Regulatory and Development Authority Act, 1999 (41
of 1999);
(d)
"Composite insurance agent" means an insurance
agent who holds a licence to act as an insurance agent for a life
insurer and a general insurer;
(e)
"Corporate Agent" means a person other than an
individual as specified in clause (i);
(f)
"Designated person" means an officer normally in
charge of marketing operations, as specified by an insurer, and
authorised by the Authority to issue or renew licences under these
regulations;
(g)
"Examination Body" means an institution, which
conducts pre-recruitment tests for insurance agents and which is
duly recognised by the Authority;
(h)
"Licence" means a certificate of licence to act as
an insurance agent issued under these regulations;
(i)
"Person" means;
(i)
an individual;
(ii)
a firm; or
(iii)
a company formed under the Companies Act, 1956 (1 of 1956), and
includes a banking company as defined in clause (4A) of section 2 of
the Act.
(j)
"Practical Training" includes orientation,
particularly in the area of insurance sales, service and marketing,
through training modules as approved by the Authority;
(k)
"Proposal form" means an application for purchase
of an insurance product which shall be the basis of insurance
contract;
(l)
"Prospect" means a potential purchaser of an
insurance product;
(m)
"Recognised Board or Institution" means such board
or institution as may be recognised by any State Government or the
Central Government.
(2)
All words and expressions used herein and not defined but defined in
the Insurance Act, 1938, or in the Insurance Regulatory and
Development Authority Act, 1999 (41 of 1999), shall have the
meanings respectively assigned to them in those Acts.
3.
Issue or renewal of licence
(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--
(i)
in Form IRDA-Agents-VA, if the applicant is an individual;
(ii)
in Form IRDA-Agents-VC, if the applicant is a firm or a
company:
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,--
(i)
possesses the qualifications as specified under Regulation 4;
(ii)
possesses the practical training as specified under
Regulation 5;
(iii)
has passed the examination as specified under Regulation 6;
(iv)
has furnished the application complete in all respects;
(v)
has the requisite knowledge to solicit and procure insurance
business; and
(vi)
is capable of providing the necessary service to the
policyholders,
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.
(4)
The designated person shall grant or renew the licence within a
period of 3 months from the date of application.
(5)
The designated person shall, if the consideration of the application
is likely to get delayed within 60 days of the receipt of the
application, inform the applicant the reasons for such a delay, and
the likely time it would take to do so.
4.
Qualifications of 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.
5.
Practical Training
(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--
(a)
an Associate/Fellow of the Insurance Institute of India,
Mumbai;
(b)
an Associate/Fellow of the Institute of Chartered Accountants
of India, New Delhi;
(c)
an Associate/Fellow of the Institute of Costs and Works
Accountants of India, Calcutta;
(d)
an Associate/Fellow of the Institute of Company Secretaries
of India, New Delhi;
(e)
an Associate/Fellow of the Actuarial Society of India,
Mumbai;
(f)
a Master of Business Administration of any
Institution/University recognised by any State Government or the
Central Government; or
(g)
possessing any professional qualification in marketing from
any Institution/University recognised by any State Government or the
Central Government
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:
PROVIDED
that such applicant before seeking renewal of licence to act as a
composite insurance agent shall have completed from an approved
institution, at least, fifty hours' practical training in life and
general insurance business.
6.
Examination
The
applicant shall have passed the pre-recruitment examination in life
or general insurance business, or both, as the case may be,
conducted by the Insurance Institute of India, Mumbai, or any other
examination body.
7.
Fees payable
(1)
The fees payable to the Authority for issue or renewal of licence to
act as insurance agent or a composite insurance agent shall be
Rupees two hundred and fifty.
(2)
The additional fees payable to the Authority, under the
circumstances mentioned in sub-section (3) of section 42 of the Act,
shall be Rupees one hundred.
8.
Code of conduct
(1)
Every person holding a licence, shall adhere to the code of conduct
specified below:
(i)
Every insurance agent shall,--
(a)
identify himself and the insurance company of whom he is an
insurance agent;
(b)
disclose his licence to the prospect on demand;
(c)
disseminate the requisite information in respect of insurance
products offered for sale by his insurer and take into account the
needs of the prospect while recommending a specific insurance plan;
(d)
disclose the scales of commission in respect of the insurance
product offered for sale, if asked by the prospect;
(e)
indicate the premium to be charged by the insurer for the
insurance product offered for sale;
(f)
explain to the prospect the nature of information required in
the proposal form by the insurer, and also the importance of
disclosure of material information in the purchase of an insurance
contract;
(g)
bring to the notice of the insurer any adverse habits or
income inconsistency of the prospect, in the form of a report
(called "Insurance Agent's Confidential Report") along
with every proposal submitted to the insurer, and any material fact
that may adversely affect the underwriting decision of the insurer
as regards acceptance of the proposal, by making all reasonable
enquiries about the prospect;
(h)
inform promptly the prospect about the acceptance or
rejection of the proposal by the insurer;
(i)
obtain the requisite documents at the time of filing the
proposal form with the insurer, and other documents subsequently
asked for by the insurer for completion of the proposal;
(j)
render necessary assistance to the policyholders or claimants
or beneficiaries in complying with the requirements for settlement
of claims by the insurer;
(k)
advise every individual policyholder to effect nomination or
assignment or change of address or exercise of options, as the case
may be, and offer necessary assistance in this behalf, wherever
necessary;
(ii)
No insurance agent shall,--
(a)
solicit or procure insurance business without holding a valid
licence;
(b)
induce the prospect to omit any material information in the
proposal form;
(c)
induce the prospect to submit wrong information in the
proposal form or documents submitted to the insurer for acceptance
of the proposal;
(d)
behave in a discourteous manner with the prospect;
(e)
interfere with any proposal introduced by any other insurance
agent;
(f)
offer different rates, advantages, terms and conditions other
than those offered by his insurer;
(g)
demand or receive a share of proceeds from the beneficiary
under an insurance contract;
(h)
force a policyholder to terminate the existing policy and to
effect a new proposal from him within three years from the date of
such termination;
(i)
have, in case of a corporate agent, a portfolio of insurance
business under which the premium is in excess of fifty per cent of
total premium procured, in any year, from one person (who is not an
individual) or one organisation or one group of organisations;
(j)
apply for fresh licence to act as an insurance agent, if his
licence was earlier cancelled by the designated person, and a period
of five years has not elapsed from the date of such cancellation;
(k)
become or remain a director of any insurance company;
(iii)
Every insurance agent shall, with a view to conserve the insurance
business already procured through him, make every attempt to ensure
remittance of the premiums by the policyholders within the
stipulated time, by giving notice to the policyholder orally and in
writing.
9.
Cancellation of licence
The
designated person may cancel a licence of an insurance agent, if the
insurance agent suffers, at any time during the currency of the
licence, from any of the disqualifications mentioned in sub-section
(4) of section 42 of the Act, and recover from him the licence and
the identity card issued earlier.
10.
Issue of duplicate license
The
Authority may issue a duplicate licence replace a licence lost,
destroyed, or mutilated on payment a fee of Rupees fifty.
11.
Non-application to existing insurance agents
Nothing
contained in Regulations 4 to 6 of these Regulations shall apply to
the existing agents before the commencement of these Regulations.
12.
From the date of coming into force of the Insurance Regulatory and
Development Authority (Licensing of Corporate Agents) Regulations,
2002, the Insurance Regulatory and Development Authority (Licensing
of Insurance Agents) Regulations, 2000 or any part thereof applying
to corporate agents shall cease to have any effect, except as
respects things done or omitted to be done thereunder.
FORM IRDA-AGENTS-VA
[Refer
regulation 3]
Insurance
Regulatory and Development Authority (Licensing of Insurance
Agents) Regulations, 2000
APPLICATION
FOR A LICENCE /RENEWAL OF LICENCE TO ACT
AS AN INSURANCE AGENT
TO
THE
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY, DEPARTMENT OF
LICENSING, NEW DELHI.
Dear Sirs,
I
request that--
(a)
a licence to act as an insurance agent*/a composite insurance
agent* may be granted to me.
(b)
*my licence bearing number................... and expiry date
..................... may be renewed for a further period of three
years.
2.
I hereby declare that particulars given below are true and that the
licence for which I apply will be used only by myself for soliciting
or procuring insurance business for one life insurer*/ one general
insurer*/both*.
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(1)
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Name: |
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(2)
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Father's/Husband's
Name |
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(3)
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Full Address: |
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House No.: |
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Street: |
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Town: |
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District: |
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State: |
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Pin Code: |
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Telephone No. |
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(STD Code--Number): |
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(4)
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Date of Birth:
Day Month Year |
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(5)
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Title : State
1 if are Mr., 2 Mrs., 3 Miss: |
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(6)
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If you ever held
a Licence, state No. and date of expiry, otherwise say "Nil" |
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(a) Licence Number: |
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(b) Date of Expiry:
Day Month Year |
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(7)
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If you apply for licence to work for a life insurer,
state 1, for a general insurer, state 2, for both state
3 in the box. |
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(8)
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If you are an
applicant from a rural place, state 1, in the box. |
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(9)
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Educational Qualifications |
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State 1, if you
passed Class X; 2: Class XII; 3: Graduate; |
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4:
Post-graduate; 5: if you hold a professional qualification
such as (ACA,
FASI, AICWA.):
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(10)
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Give particulars
of pass in pre-recruitment test conducted by the Insurance Institute
of India or any examination body: |
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(a)
Name of Examination Body:
(b)
Candidate's Number:
(c)
Centre of Examination :
(d)
Date of Passing: (Day Month Year):
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(11)
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Give particulars
of Practical Training completed from an approved institution |
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(a)
Training Hours completed:
(b)
Name of Training Institute:
(c)
Candidate's Number:
(d)
Centre (Place) of Training:
(e)
Starting Date of Training: (Day Month Year)
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3. I further declare that--
(a)
I have not been found to be of unsound mind by a court of
competent jurisdiction;
(b) I have not been found guilty of criminal misappropriation or
criminal breach of trust or cheating or forgery or an abetment of or
attempt to commit any such offence by a court of competent
jurisdiction;
(c) I have not been found guilty of or to have knowingly
participated in or connived at any fraud, dishonesty or
misrepresentation against an insurer or an insured in the course of
any judicial proceeding relating to any policy of insurance or the
winding up of an insurance company or in the course of an
investigation of the affairs of an insurer; and
(d) I have not violated the code of conduct specified under
Regulation 8 of Insurance Regulatory and Development Authority
(Licensing of Insurance Agents) Regulations, 2000.
4.
I have made the payment of licence fee of Rupees two hundred and
fifty and for which I enclose the documentary evidence.
5.
I enclose the following documents in support of the educational
qualification, pre-recruitment test, and the practical training.
(a)
............... (b) ..............
Place:
Yours
faithfully,
Date: Signature
of applicant
(*Strike out
portion not required)
(# not
applicable to the applicants seeking licence for the first time.)
Notes
and Instructions:
1.
An
individual can apply for only one licence which will entitle him
to solicit or procure insurance business of any
class
and to act
as an insurance agent for one life insurer, one general insurer,
or both.
2.
The
application should be filled in, as far as possible, in Hindi language
or English language.
3.
Any
correction or alteration made in any answer to the questions in
the application should be initialled by the
applicant.
4.
An
applicant must be at least 18 years of age on the date of the application.
If required the applicant shall furnish
proof of age.
5.
An
applicant shall furnish the proof of educational qualification,
pass in the pre-recruitment test conducted by the
Insurance Institute
of India, Mumbai or an examination body approved by the Insurance
Regulatory and Development
Authority, and completion of practical
training from a training institution approved by the Insurance Regulatory
and
Development Authority, along with the application. This is not
applicable where the applicant is an absorbed agent.
6.
The fees payable by an applicant is Rupees two hundred and
fifty.
7.
The
name and the licence No. given in the application are identical
with those shown in the last licence held. If there
is any subsequent
change in the name, the reasons for the same should be stated furnishing
documentary
evidence for the same.
8.
The
application should reach the designated person before the expiry
of licence held by the applicant but not more than three months
before such expiry. If the application does not reach the designated
person at least 30 days before the date on which the last licence
ceases to be in force, additional fee of one hundred rupees should
be payable. In this connection please also refer to the provisions
of sub-sections (3) and (3A) of section 42 of the Insurance Act,
1938.
9.
If
the applicant desires to work for a life insurer or a general insurer
or both as the case may be, he should enclose the documentary evidence
of the relevant pass in the pre-recruitment test and the completion
of the relevant practical training.
FORM IRDA-AGENTS-VB
[Refer
regulation 3]
Insurance
Regulatory and Development Authority (Licensing
of Insurance Agents) Regulations, 2000
INSURANCE
REGULATORY AND DEVELOPMENT AUTHORITY, NEW DELHI
Licence No.[
][ ][ ][ ][ ][ ][ ][ ][ ][ ]
Licence
holder to act as an insurance agent under Part II of the Insurance
Act, 1938 (4 of 1938)
Name of
Insurance Agent*/
....................................................
Composite
Insurance Agent*: ..................................................
ADRESSS:
Having paid
the prescribed fee and having made the necessary declaration is
hereby authorised to act as an insurance agent for three years from
.............. for procuring or soliciting insurance business of one
life insurer*/one general insurer*/both*.
(*strike out
portion not required)
Place:
Date:
For
Insurance Regulatory and Development Authority
Designated Person:
Signature of
Licence holder
This
licence is not valid unless it bears a fascimile of the signature of
the chairperson of the Insurance Regulatory and Development
Authority and the initials of a person authorised by him in this
behalf, the signature of the licence holder and the identity card(s).
The licence holder should put his signature as soon as licence is
received.
(See
Notes on the reverse)
Notes
:
1.
If it is desired to renew this licence for a further period
the procedure laid down in Regulation 3 of INSURANCE REGULATORY AND
DEVELOPMENT AUTHORITY (LICENSING OF INSURANCE AGENTS) REGULATIONS,
2000, shall be followed, and application for renewal should reach
the Designated Person before the licence expires. In this connection
attention is also invited to the provisions of sub-sections (3) and
(3A) of section 42 of the Insurance Act, 1938.
2.
This licence authorises the licence holder to act as an agent
for the insurance business specified thereunder, and therefore, no
identifying mark or note of any description by which the identity of
an insurer might be established should be placed on the licence.
3.
No correction in this licence will be valid unless initialled
by the Insurance Regulatory and Development Authority or a person
authorised by him in this behalf.
4.
The attention of the licence holder is drawn to the code of
conduct specified under Regulation 8 of Insurance Regulatory and
Development Authority (Licensing of Insurance Agents) Regulations,
2000, and any violation of code of conduct may result in
cancellation of licence.
FORM IRDA-AGENTS-VC
[Refer
regulation 3]
Insurance
Regulatory and Development Authority (Licensing of
Insurance Agents) Regulations, 2000
APPLICATION
FROM A FIRM OR COMPANY FOR A LICENCE/RENEWAL
OF LICENCE TO ACT AS AN INSURANCE AGENT
To
The
Insurance Regulatory and Development Authority, Department of
Licensing, New Delhi.
Dear Sirs,
It
is requested that--
(a)
*a licence to act as an insurance agent*/a composite
insurance agent* may be granted to our Firm/Company;
(b) *our licence bearing number............. and expiry date
.......... may be renewed for a further period of three years.
2.
It is hereby declared that particulars given below are true and that
the licence for which our Firm/Company apply will be used only by
our Firm/Company for soliciting or procuring insurance business.
(3) (i) (In the case of a Firm) the names of all the partners
therein:
(ii)
(In the case of a Company) the names of the Directors:
(4)
Whether the Partnership Deed*/Memorandum of Association*
contains as main objects the carrying on of soliciting or procuring
insurance business as an insurance agent. (Please enclose a
certified copy of the Partnership Deed*/Memorandum of Association*)
(5) The date from which the licence should be effective:
(6)
If you apply for licence to work for a life insurer,
state
1, a general insurer, state 2, for both, state 3 in the box
3. It is
further declared that
(a)
any partner of our Firm*/ any Director of our Company* has
not been found to be of unsound mind by a court of competent
jurisdiction;
(b)
any partner of our Firm*/ any Director of our Company* has
not been found guilty of criminal misappropriation or criminal
breach of trust or cheating or forgery or an abetment of or attempt
to commit any such offence by a court of competent jurisdiction;
(c)
any partner of our Firm*/ any Director of our Company* has
not been found guilty of or to have knowingly participated in or
connived at any fraud, dishonesty or misrepresentation against an
insurer or an insured in the course of any judicial proceeding
relating to any policy of insurance or the winding up of an
insurance company or in the course of an investigation of the
affairs of an insurer;
(d)
any partner of our Firms*/ any Director of our Company* has
not violated the code of conduct specified under Regulation 8 of
Insurance Regulatory and Development Authority (Licensing of
Insurance Agents) Regulations, 2000;
(e)
the application in Form IRDA-Agents-V for each partner of our
Firm*/each Director of our Company* has been enclosed along with
this form;
(f)
any partner of our Firm*/any Director of our Company* is not
a minor.
4.
The payment of licence fee of *rupees two hundred and fifty has been
made and for which the receipt is enclosed.
5.
The documents in support of the educational qualification,
pre-recruitment test, and the practical training, in respect of all
partners of our Firm*/all Directors of our Company* have been
enclosed along with this form.
(* Strike
out portion not required.)
Place:
Yours faithfully,
Date:
Signature of applicant
Notes:
1.
The application should be filled in, as far as possible, in
Hindi language or English language.
2.
Any correction or alteration made in any answer to the
questions in the application should be initialled by the applicant.
3. The fees payable by an applicant is Rupees two hundred and
fifty.
4.
The name and the licence No. given in the application are
identical with those shown in the last licence held. If there is any
subsequent change in the name, the reasons for the same should be
stated furnishing documentary evidence for the same.
5.
The application should reach the designated person before the
expiry of licence held by the applicant but not more than three
months before such expiry. If the applicant does not reach the
designated person at least 30 days before the date on which the last
licence ceases to be in force, an additional fee of one hundred
rupees should be payable. In this connection please also refer to
the provisions of sub-sections (3) and (3A) of section 42 of the
Insurance Act, 1938.
6.
If the Firm or Company desires to act as an insurance agent
or a composite insurance agent, as the case may be, the documentary
evidence of the relevant pass in the pre-recruitment test and the
completion of the relevant practical training of partners of the
Firm or directors of the Company should be enclosed.
7.
In case of a Firm, the signatory to the application (being a
partner) should enclose a certified copy of the resolution of all
the partners authorising him to make the application. In the case of
a Company, the signatory to the application (being a director)
should enclose a certified copy of the resolution of Board of
Directors authorising him to make the application.
FORM IRDA-AGENTS-VZ
[Refer
regutation 3]
Insurance
Regulatory and Development Authority (Licensing
of Insurance Agents) Regulations, 2000
INDIVIDUAL
INSURANCE AGENT'S IDENTITY CARD
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Agent's
Licence No.:
Name of the Agent:
Father's/Husband's Name:
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Office
of the Insurer with whom the agent is attached :
Agent's
signature
The holder
of this card is authorised to sell our insurance products, as per
our terms and conditions.
Male/Female
Issued on:
[ ][ ][ ][ ][ ][ ]
Signature
of Designated Person
Valid upto
[ ][ ][ ][ ][ ][ ]
Name
of Insurer (With Seal)
Born on:
[ ][ ][ ][ ][ ][ ]
(Please
see on the reverse)
Address and
telephone numbers of the Insurer: (If required to be contacted by
any one in connection with the holder of this card).
Address and
telephone numbers of the Agent:
FORM IRDA-AGENTS-VY
[Refer
regulation 3]
Insurance
Regulatory and Development Authority (Licensing of
Insurance Agents) Regutations, 2000
CORPORATE
AGENT'S IDENTITY CARD
Corporate
Insurance Aget's Licence No.
Name of the corporate insurance agent:
Signature
of the applicant (as authorised by the corporate agent)
Office
of the insurer with whom the corporate insurance agent is attached
Valid up to
[ ][ ][ ][ ][ ][ ]
This card authorises the corporate insurance
agent
named above to sell our insurance products, as per
our terms
and conditions.
Born on
[ ][ ][ ][ ][ ][ ]
Signature of designated person
Name of Insurer (with seal)
(Please see on the reverse)
Address and
telephone numbers of the insurer (if required to be contacted by any
one in connection with the holder of this card):
Address and
telephone numbers of the corporate insurance agent:
Names of
partners/directors of the corporate insurance agent:
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