The Insurance Regulatory Development Authority of India (IRDA) has canceled the licenses of 4,260 corporate agents of various insurance companies as they did not seek renewal of license after March 31 this year.
The IRDA released a list of banned agents of several corporate agencies whose licenses are due for renewal on or before March 31.
Insurance Concepts and IRDA
Insurance is a federal subject in India. It is a subject matter of solicitation. The legislations that deal with insurance business in India are Insurance Act, 1938 and Insurance Regulatory & Development Authority Act (IRDA), 1999.
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In a statement, IRDA said, the policies purchased after March 31 and till date could be valid and the full implications are being worked out.
Almost all the major insurers have lost several corporate agents including the public sector players like the National Insurance (159), The New India Assurance (104), Oriental Insurance (156) and the United India Insurance (152).
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"All these corporate agency licenses have been withdrawn from our database. Insurers and General public are hereby cautioned not to transact any insurance business through them," statement added.
About 579 corporate agents in Delhi have lost their licenses followed by Mumbai (356), Kolkata (311), Chennai (256), Bangalore (198), Hyderabad (195), Ernakulam (124) and Chandigarh (121).
Source: ANI
Premium Calculation by Health Insurance Companies
This article gives an insight as to how healthcare insurance policy premiums are collected by Insurance companies which will be useful for any layman.
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"All these corporate agency licenses have been withdrawn from our database. Insurers and General public are hereby cautioned not to transact any insurance business through them," statement added.
About 579 corporate agents in Delhi have lost their licenses followed by Mumbai (356), Kolkata (311), Chennai (256), Bangalore (198), Hyderabad (195), Ernakulam (124) and Chandigarh (121).
Source: ANI
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