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Insurance cos to get wider FDI safety net

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    • ENS Economic Bureau Tags : FDI, India Posted: Saturday , Nov 01, 2008 at 0035 hrs

    Insurance Regulatory and Development Authority, at present, doesn’t enjoy specific powers to approve opening up of foreign offices of insurers. The amendments in the Bill will give powers to IRDA to order closure of any branch outside India of an insurer.

    The Bill also envisages putting limitations on expenses of management in insurance business and prohibition of payment by way of commission for procuring business.

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    IRDA shall stop all channels and allow only its licence agent to sell insurance in IndaiBy: Ganesh | 02-Nov-2008 Reply | Forward IRDA regulation says no one can sell insurance in INDIA without undergoing mandatory 50 hrs IRDA training and passing exam to get licence. But IRDA also allowed other channel like banking, corporate, alternate, Company are now widely using this channel and make use of loopholes to sell insurance without undergoing licencing for the individual agent. Insurance Co are working like finance co. and doing lot of mis sale through this channels. It is high time that IRDA ban all the other channels allowed only itslicence individual to sell insurance on commision. Even if co want direct sales force to sell insurance ,they need to undergo licencing process. co take direct sales force ,once they finish their near and dear market throw them out, recruit fresh and make the policyholder orphan. their is no control our MLM route. This channels are doing more missale then agency channel. IRDA need to act before it goes out of hand.
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