Inus Corp Agent & Brk
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Transcript of Inus Corp Agent & Brk
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IRDA (Licensing of Corporate Agents)Regulations, 2002IRDA (Insurance Brokers) Regulations,
2002
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Notified on 16th October, 2002
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Person
a firm; or
a company formed under the Companies Act, 1956, or
a banking company; or a regional rural bank
a co-operative society including a co-operative bank, or
a panchayat or a local authority; or
a NGO or a micro lending finance organization; or
any other institution or organization specifically approved
by IRDA
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Corporate Insurance Executive
in the case of a company or firm, a director or a partner
or one or more of its officers or employees sodesignated by it,
in the case of any other person, the chief executive, by
whatever name called, or one or more of his employees
designated by him,
who possesses the requisite qualifications and practical
training and who have passed the qualifying
examination.
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Specified Person
a director or a partner or one or more of its officers or
other employees so designated by the corporate agentand, in the case of any other person, the chief executive,
by whatever name called, or one or more of the
employees designated by him, who has undergone the
practical training, examination, certification and who isresponsible for soliciting and procuring insurance
business on behalf of the Corporate Agent;
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Designated person
an officer normally in charge of marketing operations, as specified by
an insurer, and authorized by the Authority to issue or renew licenses
under these regulations
Certification
the process by which a Specified Person of the Corporate Agent, who
has successfully undergone practical training and passed the required
examination, is issued a Certificate entitling him to solicit and procureinsurance business on behalf of the Corporate Agent.
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Partnership Deed, Memorandum of Association or any other documentevidencing the constitution of the entity shall contain as one of itsmain objects soliciting or procuring insurance business as a CorporateAgent
The corporate insurance executive shall possess the minimum
qualification of a pass in 12th Standard or equivalent examinationconducted by any recognised Board/Institution, where the applicantresides in a place with a population of five thousand or more as per thelast census, and a pass in 10th Standard or equivalent examinationfrom a recognised Board/ Institution if the applicant resides in any
other place A specified person shall possess the minimum qualifications stipulated
in sub-regulation (2) above Every corporate insurance executive and each of the specified persons
shall also not suffer from any of the disqualifications specified underSection 42D of the Act
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Corporate insurance executive/ Specified person to undergo 50 hours
practical training from an approved institution
25 hours practical training in case of:
an Associate/Fellow of the Insurance Institute of India, Mumbai;
an Associate/Fellow of ICAI
an Associate/Fellow of ICWAI
an Associate/Fellow of ICSI
an Associate/Fellow of the Actuarial Society of India, Mumbai;
a MBA of any recognised Institution / University
Every specified person of the corporate agent shall, apply through the
corporate agent to the designated person of the insurer to obtain the
certificate, accompanied by a fees of rupees five hundred remitted to the
Authority
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EVERY CORPORATE AGENT SHALL:
be responsible for all acts of omission and commissionof its corporate insurance executive and every specifiedperson;
ensure that the corporate insurance executive and allspecified persons are properly trained, skilled andknowledgeable in the insurance products they market;
ensure that the corporate insurance executive and thespecified person do not make to the prospect any
misrepresentation on policy benefits and returnsavailable under the policy;
ensure that no prospect is forced to buy an insuranceproduct;
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EVERY CORPORATE AGENT SHALL: continued
give adequate pre-sales and post-sales advice to theinsured in respect of the insurance product.
extend all possible help and cooperation to an insured incompletion of all formalities and documentation in theevent of a claim.
give due publicity to the fact that the corporate agent
does not underwrite the risk or act as an insurer. enter into service level agreements with the insurer in
which the duties and responsibilities of both aredefined.
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Every corporate agent/ corporate insurance executive/
specified person shall:
(a)(a) identify himself and the insurance company of whom he is aidentify himself and the insurance company of whom he is arepresentative;representative;
(b)(b) disclose his licence/ certificate to the prospect on demand;disclose his licence/ certificate to the prospect on demand;
(c)(c) disseminate the requisite information in respect of insurancedisseminate the requisite information in respect of insuranceproducts offered for sale by his insurer and take into account theproducts offered for sale by his insurer and take into account theneeds of the prospect while recommending a specific insurance plan;needs of the prospect while recommending a specific insurance plan;
(d)(d) disclose the scales of commission in respect of the insurancedisclose the scales of commission in respect of the insuranceproduct offered for sale, if asked by the prospect;product offered for sale, if asked by the prospect;
(e)(e) indicate the premium to be charged by the insurer for theindicate the premium to be charged by the insurer for theinsurance product offered for saleinsurance product offered for sale
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Every corporate agent/ corporate insurance executive/specified person shall:
(f) explain to the prospect the nature of information requiredin the proposal form by the insurer, and also the importance of
disclosure of material information in the purchase of an insurancecontract;
(g) bring to the notice of the insurer any adverse habits orincome inconsistency of the prospect, in the form of a report(called Insurance Agents Confidential Report) along with everyproposal submitted to the insurer, and any material fact that may
adversely affect the underwriting decision of the insurer as regardsacceptance of the proposal, by making all reasonable enquiriesabout the prospect;
(h) inform promptly the prospect about the acceptance orrejection of the proposal by the insurer;
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Every corporate agent/ corporate insurance executive/
specified person shall:
(i) obtain the requisite documents at the time of filing theproposal form with the insurer; and other documents subsequentlyasked for by the insurer for completion of the proposal;
(j) render necessary assistance to the policyholders orclaimants or beneficiaries in complying with the requirements forsettlement of claims by the insurer;
(k) advise every individual policyholder to effect nomination orassignment or change of address or exercise of options, as the casemay be, and offer necessary assistance in this behalf, wherevernecessary;
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No corporate agent/ corporate insurance executive/specified person shall,----
(a) solicit or procure insurance business without holding a validlicence/ certificate;
(b) induce the prospect to omit any material information in theproposal form;
(c) induce the prospect to submit wrong information in theproposal form or documents submitted to the insurer foracceptance of the proposal;
(d) behave in a discourteous manner with the prospect;
(e) interfere with any proposal introduced by any otherspecified person or any insurance intermediary;
(f) offer different rates, advantages, terms and conditionsother than those offered by his insurer;
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No corporate agent/ corporate insurance executive/specified person shall,----
(g) demand or receive a share of proceeds from the beneficiaryunder an insurance contract;
(h) force a policyholder to terminate the existing policy and toeffect a new proposal from him within three years from the date ofsuch termination;
(i) No corporate agent shall have a portfolio of insurancebusiness from one person or one organization or one group oforganizations under which the premium is in excess of fifty percentof total premium procured in any year;
(j) apply for fresh licence to act as an insurance agent, if hislicence was earlier cancelled by the designated person, and aperiod of five years has not elapsed from the date of suchcancellation;
(k) become or remain a director of any insurance company;
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Was notified and came into effect on 16th October,
2002
Insurance Broker a person, who for aremuneration, arranges insurance contracts with
insurers or re-insurers on behalf of his clients Direct Broker: an insurance broker who acts either in the field of life
insurance / general insurance or both
Reinsurance Broker: an insurance broker who arranges re-insurance
for insurers
Composite Broker: an insurance broker who arranges insurance for his
clients with insurers / re-insurers
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An individual
A firm A company
A co-operative society
An y other person recognized by IRDA
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CATEGORY MINIMUM CAPITAL (Rs.)
Direct Broker 50,00,000
Re-insurance Broker 2,00,00,000
Composite Broker 2,50,00,000
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providing requisite underwriting information acting promptly on instructions from a client and
providing him written acknowledgements andprogress reports assisting clients in paying premium providing services related to insurance consultancy
and risk management assisting in the negotiation of the claims maintaining proper records of claims
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rendering advice based on technical data on the
reinsurance covers available in the international insuranceand the reinsurance markets
rendering consultancy and risk management services forreinsurance
selecting and recommending a reinsurer or a group ofreinsurers
negotiating with a reinsurer on the clients behalf collecting and remitting premiums
assisting in the negotiation and settlement of claims