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.
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.