Insurance Firms Can Hire Agents Without IRDA Nod: Irda Chief

Insurance Regulatory and Development Authority of India (IRDA) has allowed the insurance companies to appoint individual agents on their own without license from the regulator from April 1, said the media report.

"So far, the appointment of agents is done through licensing mechanism of IRDA. Now, the appointment of agents is given to the insurance companies. So, the whole licensing system will go.

Insurance Firms Can Hire Agents Without IRDA Nod: Irda Chief
"That means they (individual agents) will be appointed by the company. I expect the new system to begin from April 1. These are the two changes that would be brought immediately," IRDA chairman T S Vijayan said.

He said this while talking to reporters on the sidelines of release of CII's report titled 'India Insurance Vision 2015: Building a USD 250 billion Customer Centric and Value Creating Industry'.

On FDI limit he said, "FDI limit in insurance sector would help attract investment which would result in higher penetration."

The Indian insurance sector would need around Rs 55,000 crore in next five years to double the current level of penetration that is pegged at 3 per cent, he added.

Read more about: irda
Story first published: Friday, February 27, 2015, 12:50 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?