NEW DELHI: Insurance
sector regulator IRDAI has made passing an examination based on its syllabus a
must for becoming an insurance agent.
"An applicant
shall pass in the Insurance Agency Examination conducted by the Examination
Body in the subjects of Life, General, and Health Insurance as the case may be,
as per the syllabus prescribed by the Authority to be eligible for appointment
as an insurance agent," said IRDAI guidelines on Appointment of Insurance
Agents 2015.
The guidelines of
Insurance Regulatory and Development Authority of India (IRDAI) have come into
force from April 1, 2015.
However, insurers are
allowed to file their board approved policy for 2015-16 on Appointment of
Insurance Agents and appoint agents by the end of June, 2015.
The time-line has been
extended upon request of insurers as their board meetings to approve the policy
are scheduled in the first quarter of 2015-16.
IRDAI further said
insurers failing to file the board approved policy by June end would be barred
from appointment of agents from July 1, 2015.
However, standalone
health insurers (SAHI) are allowed to appoint agents till June 30, 2015 based
on examination format of Insurance Institute of India (III).
"The Appointment
of Agents by SAHI with effective from July 1, 2015 shall be subject to passing
the Health Insurance examination prescribed by the Authority," it added.
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