|
November
12, 2002.
NOTICE PERTAINING TO LICENCING OF CORPORATE AGENTS
Since
IRDA (Licensing of Corporate Agents) Regulations, 2002 have come
into force w.e.f. 17th October, 2002 and the following issues require
attention of all concerned, it may, therefore, be noted that :-
The
word "Corporate Agency" Regulations is being used for
the purpose of brevity for the "Insurance Regulatory and Development
Authority (Licensing of Corporate Agents) Regulations, 2002".
All
the applicants interested to seek Corporate Agents licence under
the above Regulations shall apply to the "designated person"
of the respective insurer for the grant of the licence. The designated
person already approved by the Authority are competent to issue
the corporate agency licence unless the insurer has got the approval
for any other designated person.
The
Indian Institute of Bankers (IIB) situated at World Trade Centre,
Cuffe Parade, Mumbai-400 005 shall be the examining body for grant
of "Certificate" specified in Regulation 6(2) of the Corporate
Agency Regulations. This certificate shall be issued by the (IIB)
to those successful employees/officers of the banks who have passed
the examination conducted by it in terms of the syllabus approved
by the Authority. The approved syllabus is placed as Annexure-I
and is applicable only to employees/ officers of the banks who
have sought the Corporate Agency Licence under the above Regulations.
The
syllabus already approved by the Authority in the year 2000 for
the individual agents holds good for the examination and training
requirements of: "corporate agents"/ "corporate insurance
executive" and specified persons (other than officers/employees
of the banks).
The
training to the prospective employees and officers of the banks
may be imparted by the existing accredited institutes who have qualified
faculty for the additional requirement of training contained in
the syllabus approved and placed as Annexure-I
or by the training institutes of the banks on its approval by
the Authority.
On
receipt of the certificate from the IIB to the effect of having
passed the examination after the required training, the Corporate
Agent shall act in terms of Regulations 7(2) for necessary certification
(as defined in the Regulation 2) of the specified persons from the
"designated person" who shall keep the Authority informed
from time to time.
The
"designated Person" shall keep a separate identifiable
record of the specified persons for each of the corporate agent.
IIB
is also an examining body in addition to Insurance Institute of
India and National Stock Exchange for the purpose of conducting
examination for "Corporate Agents"/ "Corporate Insurance
Executive" and individual agents.
The
"Corporate Agents" Licences shall be issued only under
the above Regulations whereas the Corporate Agents Licences issued
prior to the 17th October, 2002 shall be governed by Regulation
13 of the Corporate Agency Regulations, 2002.
(N.
Rangachary)
Chairman
|