Insurers can hire agents without Irda licence

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Hyderabad | Published: February 27, 2015 12:14 AM

Irda said insurance companies can appoint individual agents on their own without licence from the regulator from...

Irda said insurance companies can appoint individual agents on their own without licence from the regulator from April 1. Irda chairman TS Vijayan said the regulator also plans to make health insurance, so far considered a part of the non-life sector, a standalone entity.

Talking to reporters after releasing a report on India Insurance Vision 2025 by the CII, Vijayan said: “So far, the appointment of agents is done through the licensing mechanism. The whole licensing system will go now.’’ On health insurance, Vijayan said: “The Indian insurance industry focusses on two main line of business — life and non-life. Irda is coming out with a third line of business, which is health insurance. A separate set of regulations will be framed for health insurance.”

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