Agency Distribution

Agency Distribution


Functions and Responsibilities of Agency Distribution department

The following are the functions and responsibilities of Agency distribution department:

  1. Piloting Regulatory changes for individual and corporate Agents.
  2. Preparation of discussion papers relating to development of individual agents.
  3. Providing inputs to Inspection Department.
  4. Receiving and processing of complaints and grievances
  5. Processing reporting format changes
  6. Handling RTI and Parliamentary Questions
  7. Providing statistical information for annual reports and other hand books and monthly periodicals
  8. Processing of new and renewal applications of Corporate Agents.

What’s New

FAQs

PAN is currently used as primary source of identification to collect the details of an agent from the database maintained by the Authority. Hence, by providing Pan no. of an agent the aspirant can collect details of that particular agent.

1) In case an insurance agent appointed by an insurer wishes to surrender his agency with his/her insurer, he/she shall surrender his appointment letter and identity card to the designated official of the insurer with whom he/she is currently holding agency.
2) The Insurer shall issue the cessation certificate as detailed in Form 1-C within a period of 15 days from the date of resignation or surrender of appointment.
3) An agent who has surrendered his appointment may seek fresh appointment with other insurer. In such a case, the agent has to furnish to the new insurer all the details of his/her previous agency and produce Cessation Certificate issued by the previous insurer issued in Form I-C, along with his agency application form.
4) The insurer will consider the agency application as outlined in Clause IV after a period of NINETY DAYS from the date of the issue of the cessation certificate by the previous insurer.

The Authority has issued IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations, 2016 dated 14th December 2016 which prescribes maximum ceilings for payment of commission. The conditions for payment of commission will be decided by the respective insurers.

The Authority is neither statutorily required to collect the details of income, commission or benefits gained by an agent nor filed by the regulated entities periodically. As such, no data is available with the Authority.

The Authority has mandated insurers to prescribe minimum business norms for agents. However, the exact bench marks in this regard are left to the decision of respective insurers.

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