31/5/2014 NFIFWI - Circular Details : Print preview

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Composite Licence Posted On: Tuesday October 23 2001
Reference No: Mktg./Licence
Mktg./Central Office
Mktg./Licneces 23rd October,01
To,
AllZonal Managers, Sr./Divisional Managers(I/C)
Re-Issuance of Composite Licence (Requirement of Practical Training)
We invite your attention to the IRDA Circular ref. IRDA / Agents / Composite Licence dated 30th July, 2001 whereby
the IRDA had specified the reqirement of Practical Training before issunance of composite Licence to Agents.
The duration of Practical Training required for various types of applicants was given as follows--
________________________________________________________________________________________________
Type of applicant Duration of practical Training
Reg.(Life/General as the case may be)
________________________________________________________________________________________________
1) Applicant having acquired Licence for 50 Hrs.
the first time after the IRDA Regualtions for One
Insurer(Life/General)
2) Applicant (Absorbed Agent) having renewed 150 Hrs.
the Licence after the IRDA Regulations for one
insurer (Life /General ) but was doing business
for both (Life/General)
3) Applicant (Absorbed Agent) having renewed 150 Hrs.
the Linence after IRDA Regualtions for one
insurer (Life / General) but now wishes to do
usiness for both (Life & General)
4) Applicants (Absorbed Agent) having 70Hrs.
renewed the Linence after IRDA Regualtions for
one insurer (life / General) and is possessing any
of the qualifications under Regualtion 5(2) of
IRDA regulations but now wishes to do
business for both (Life & General)
5) All applicants (Absorbed Agents) under 2,3,4 50 Hrs.
above before seeking renewal of the composite
licence in future.
________________________________________________________________________________________________
Now the Authority after duly considering the various aspects of the queries received by them, has clarified vide its
letter dated 18th October, 01 as follows:-
a) Those agents who had obtained a vaild licence from the controller of Insurance (upto 19.7.2000 I.c. before the
date of notification of (Licnecing of Insurance Agents) Regulations, 2000 and entered into an agency agreement with
life Insurance Corporation of India or one of the general insurers or with both (life and General) are not required to
undergo the training the training requirements for the purpose of the renewal of the said licence. Those agents who
were holding a valid licence prior to 19.7.2000 but were procuring business only for one class of business. viz. life or
non-life but now intend to procure business for both, this relaxation in training will also apply.
b. For the new agents i.e. agents appointed after 19.7.2000 and licenced in terms of the IRDA (licencing of Insurance
Agents) Regualtions, 2000, the requirement of practical training as specified in section 42 of the Insurance Act, 1938
and Regulations made thereunder shall apply.
Kindly not that this clarification substitutes our earlier circular dated 30th July, 2001 issued on the subject.
Hence all the applicants who fall in the category No.2 above i.e. "Absorbed Agent having renewed the licence after
the IRDA Regulations for one insurer (Life/General) but was doing business for both (Life & General)" then the
requirement of Training is relaxed for them under the revised guidelines. They need not undergo the training
requirements for the purpose of the renewal of the said licence.
Further this relaxation of training will also apply to applicants under category 3 & 4 i.e. such agents who were holding
a valid licence prior to 19.7.2000 but were procuring business only for one class of business, viz. life or non-life but
now intend to procure business for both, need not undergo training.
31/5/2014 NFIFWI - Circular Details : Print preview
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Thus the training requirement will be for agents falling in category 1 and 5 only.
Your faithfully,
Executive Director (Mktg./IO)