October 15, 2007
Re: Reduction in Agent training hours
All Insurers / Agents Training Institutes (In-house, Private and Online)
This is with reference to Gazette Notifications regarding IRDA (Licensing of Insurance Agents) (Amendment) Regulation, 2007 and IRDA (Licensing of Corporate Agents) (Amendment) Regulation, 2007, issued on 8 th October, 2007 (Copies enclosed) notifying the reduction in training hours.
As informed by Insurance Institute of India, Mumbai the first offline and online exam with the revised syllabus for 50 hours would be conducted from 18 th November and 12 th November 2007 respectively.
Further guidelines for Insurers and Insurance Training Institutes are given below:
All Insurers are requested :
- to ensure that from 1 st November, 2007 all prospective agents/agents undergo training as per the new syllabus and adhere to the new norms of training hours prescribed in Gazette notification;
- to maintain detailed record of training for all agents sponsored by the Insurer;
- to maintain detailed record of examination for all agents sponsored by the Insurer;
- to submit Quarterly report giving complete details of each person sponsored for examination and training to IRDA;
- to verify the status of Agent Training Institute from IRDA website before sponsoring candidates for training to said Institute;
- to ensure that the candidate sponsored for training by the Insurer passes the Agents pre-recruitment examination within six months of completing his/her training failing which, he/she would be required to undergo the training again;
- to issue the License to the Agent within 15 days of passing of the examination;
- not to withhold licenses of any agent unless there are serious reasons which need to be duly recorded. The Insurer would be required to send the list of cases wherein the licenses have been withheld every month to IRDA;
- to publish details of agents who are involved in any form of malpractices on the Insurer’s website along with the date from which the said agent ceases to be agent of that Insurer.
All Agents’ Training Institutes (In-house, Private and On-line) are requested:
- to conduct training from 1 st November, 2007 onwards as per the new syllabus prescribed by Insurance Institute of India and according to new schedule of number of hours as per the Gazette notification;
- to maintain detailed record of training imparted to each insurer’s candidate;
- to maintain detailed record of faculty employed for imparting training;
- to note that Agents’ Training Institutes not submitting Form B (Quarterly Report) by 7 th of the next month at the end of each quarter will be deemed to be suspended. The Institutes have to keep acknowledged copy of submission for their records;
- to note that no new applications for Agents’ Training Institutes will be accepted from private training institutes except those cases of in-house centres by insurers till such time IRDA does re-assessment of the requirement after the Gazette Notification.
( V. Vedakumari )
Executive Director (Admn.)