Circular

March 12, 2008

Circular No.IRDA/F&A/062/Mar-08

IRDA (Micro-Insurance) Regulations 2005 – Micro Insurance Agents

 

 

Please refer to Para 2 (f) of IRDA (Micro-Insurance) Regulations, 2005 on the definition of Micro Insurance Agents.

It is clarified in this connection that the Non-Government Organizations (NGOs) referred to at Sub-Clause (I) of Para 2 (f) above would, in addition to those registered as a Society, include all non-profit organizations registered with non-profit objective under the appropriate law (including companies registered under Section 25 of the Companies Act) to be treated as Micro Insurance Agent. The organizations should also concurrently satisfy all the eligibility criteria detailed in the above Regulation.

Insurers are advised to take note of the above clarifications while considering appointment of Micro-Insurance Agents as provided for under Regulation 5 ibid. All other terms and conditions of Micro Insurance Agents would remain unchanged.

 

 

(C. R. Muralidharan)
Member

 

 

 

 

     


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