CORPORATE AGENTS

LRGI GROUP PRESENTATION

PRESENTED BY –
Anjali Seth 202273
Kushagra Sharma 202274
Srishti Sharma 202275
 CORPORATE AGENTS

• Corporate entities represent an

insurance company and sell its
policies.
• Usually they are engaged in a
particular business and sell insurance
policies to their existing customers
based on the situation.
• For example, a travel agent may
offer you a travel insurance policy or
a vehicle dealer a motor insurance
policy.
 SCOPE OF CORPORATE AGENT

Can have arrangement with only

3 in case of life insurance,

3 in case of general insurance,

3 in case of health insurance.

Can have arrangement with composite

insurance provider for 3 years.
 ELIGIBILITY CRITERIA

Specialised
Valid person may
Seventy Five
Fifty Hours of Certificate for continue to
Class 12 or hours of
Training a period of 3 work with the
Equivalent Training from
(Specialised years from corporate
Examination approved
category) Approved agent licensed
institution.
institution. under IRDA
ACT (2015)
CORPORATE AGENCY LICENSE

Required for
an
organisation

In case of
vehicle Bancassurance
Insurance

Financial
institution.
Why Corporate Agent license is
required?
PROCEDURE OF REGISTRATION

The applicant
shall pay fee of Authority grants
25,000 + taxes certificate after
within 15 days of satisfaction.
receipt.

Authority informs After completion

of 1 year of
applicants
regarding their license , applicant
can apply for
category.
another category.
 HOW TO RENEW CORPORATE AGENCY LICENSE IN INDIA

• Application must be made 30 days

before the expiry.
• In case of Expiry of a late fees of rupees
100.
• In case Delay in making application of
renewal of registration late fees of 750+
Taxes is implied.
• Renewal would be granted in Form-C.
 They shall
Corporate Agent Solicit and procure
forthwith
shall comply with Steps for Redressal reasonable
Regulation 3 information in
the provision of of grievances. number of
writing to
the Act. Insurance policy.
Authority.
Thank You