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The insurance regulatory authority has notified about the regulations to be followed by the corporate agents. The primary purpose behind such regulation is to protect the interests of policyholders. The matters relating to insurance are regulated by the Insurance Regulatory and Development Authority of India (IRDAI). The authority in consultation with the Insurance advisory committee formed certain regulations for the proper operation of the corporate agents. In this article we shall highlight the regulations for corporate agents under IRDAI but before that let’s have a basic understanding of the meaning of corporate agents.
Corporate agents are entities that sell insurance policies to the customers. The IRDAI (registration of corporate agents) Regulations, 2015 defines corporate agents as any applicant who holds a valid registration certificate issued by the authority for soliciting and serving the insurance business for categories like life, general and health.
Corporate Agents can be categorized into the following:
The registration to a corporate agent shall be granted upon fulfillment of the following conditions:
A corporate agent is required to comply with the following while soliciting and procuring the insurance business:
The regulations for corporate agents lay down the essential aspects such as the code of conduct and other compliances that meets the requirements for the proper operation of the corporate agents.
Also, Read: Difference between Insurance Agents and Insurance Brokers.
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