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12th May 2016, 03:53 PM
Super Moderator
Join Date: Aug 2012
Re: New IRDA Guidelines

Hey as per my idea in new guidelines of IRDA some terms are explained and here I am giving you its details

New IRDA Guidelines mention following terms

“Act” means the Insurance Act1938 (4 of 1938) as amended from time to time

“Appointment Letter” means a letter of appointment issued by an insurer to any person to act as an insurance agent

“Appellate Officer”means an officer authorised by the Insurer to consider and dispose representations and appeals received from an Insurance Agent.

"Insurance Agent" means an individual appointed by an insurer for the purpose of soliciting or procuring insurance business including business relating to the continuance, renewal or revival of policies of insurance;

“Authority” means the Insurance Regulatory and Development Authority of India established under the provisions of Section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);

“Composite Insurance Agent” means an individual who is appointed as an insurance agent by two or more insurers subject to the condition that he/she shall not act as insurance agent for more than one life insurer, one general insurer, one health insurer and one of each of the mono-line insurers.

“Centralised list of Agents” means a list of agents maintained by the Authority, which contains all details of agents appointed by all insurers.

“Centralised list of black listed agents” means list of agents maintained by the Authority whose appointment is cancelled/suspended by a designated official of insurer on grounds of violation of code of conduct and / or fraud.

“Designated Official” means an officer authorised by the Insurer to make Appointment of an individual as an Insurance Agent.

“Examination Body” means an Institution, which conducts pre-recruitment tests for insurance agents and which is duly recognised by the Authority;

“Multilevel Marketing Scheme” means any scheme as defined in explanation to Section 42 (A) of the Insurance Act 1938 as amended from time to time

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