IRDA CORPORATE AGENCY

REGULATION - 2015
Who could be a Corporate Agent

 Company registered under company act – 2013

 Co-operative Societies Reg. under acts 1912
 Partnership registered under LLP
 Commercial / Corresponding / RR Bank
 NGO / MFI-Co-op / NBFC
 Any other person including individuals as
recognized by IRDA
Categories of CAs
 CA – Life (3)
 CA – General (3)
 CA – Medical (3)
 CA- Composite (9)
Type of CAs
 One having insurance intermediary as a part of
business – Not main business (banks) – They have
got registration with other authorities / No separate
Capital required / must get NOC
 Those other – whose sole business is insurance
intermediation – Min Rs 50 lakhs capital / net worth
required
Principle Officer / Specified Person

 PO – Director / Partner / Employee – Head –

Responsible for compliances IRDAI
 Must have requisite qualification / Technical /
Experience
 SP – Person who solicit actual business. Must have
cleared the test which is required for an agent -
certified by IRDAI
Requirement for Registration
 Will abide by all regulation
 Full business data maintenance
 Infrastructure / manpower
 No multi-level-marketing
 Compliance of code of conduct
 Separate books of account for insurance business
Renewability
 License issued for 3 years
 To be renewed subject to review / compliance
 No new business w/o confirmation of renewal of
license
 To continue servicing clients
Professional Indemnity
 CA to have PI policy concurrently running with their
licence where the income from comiision is more
than 50% of the total revenue
 It must be for a amount >= 2* annual remuneration
received in preceding year subject to a min. of Rs
50 lakhs
Maintenance of record
 KYC
 Proposal form
 List of business details
 Complaints / Action
 Employment details of SPs
 All the above for inspection
Suspension / Cancellation
 IRDA had right to inspect / investigate and take
appropriate action.
 Violation of code of conduct, Fraud, Conviction of
Criminality can lead to Suspension / Cancellation of
license
 Service need to be continued for a min. period of
six month or till a time portfolio is shifted to other.
For further input ….
 Pl read the original notification

 THANKS