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22-12-2021
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08-07-2021
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04-01-2021
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04-01-2021
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04-11-2020
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27-08-2020
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27-08-2020
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08-04-2020
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20-03-2020
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13-09-2019
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30-05-2018
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23-10-2017
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12-07-2017
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01-08-2016
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14-07-2016
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18-05-2016
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16-02-2016
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20-11-2015
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04-11-2020
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08-04-2020
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20-03-2020
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12-07-2017
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01-08-2016
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14-07-2016
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14-07-2016
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20-11-2015
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FAQs
How is the application for Certificate of Registration (CoR) under the IRDAI (Registration of Corporate Agents) Regulations, 2015 to be submitted to the Authority?
All applications made under IRDAI (Registration of Corporate Agents) Regulations, 2015 should be submitted directly (not through insurers) to the Authority through the online mode.
The Online Portal for Corporate Agents can be accessed at https://agencyportal.irdai.gov.in/. Help File for portal users is also available at this link.
What is the capital requirement for a Corporate Agent exclusively doing insurance intermediation? How it will affect the existing CA exclusively doing insurance business?
As per the New Regulations, a Corporate Agent exclusively doing insurance intermediation should have a minimum share capital or contribution of Rupees Fifty Lakh and it should maintain a net worth of Rupees Fifty Lakh at all times.
Whether all applicants for Certificate of Registration (CoR) under the New Regulations have to submit Board approved open architecture policy?
Yes. Every corporate agent shall file, at the time of seeking registration with the Authority, a Board or its equivalent Approved Policy on the manner of soliciting and servicing insurance products. It is required in all cases irrespective of the applicant planning to have only a single tie-up or multiple tie-ups.
The Policy, amongst others, shall include the approach to be followed by the corporate agent in having single or multiple tie-ups, the partners in the tie-ups, the business mix, the type of products sold, grievance redressal mechanism and reporting requirements.
What are all the things that should be provided in Board Approved Policy required under Reg. 20 (1)?
The Board or equivalent approved policy shall contain the approach to be followed by the corporate agent in having Single or Multiple tie-ups, the proposed partners in the tie-ups, the business mix, the type of products sold, grievance redressal mechanism and the reporting requirements.
However, the board approved policy can be exhaustive and contain all other matter which they deem fit and necessary for registration and functioning of corporate agency
What supporting evidence should the applicants for Certificate of Registration (CoR) produce in respect of the infrastructure requirement to act as Corporate Agents?
As per Clause A. (e) of Annexure 2, details of infrastructure, along with supporting evidence thereof like ownership / lease agreement papers with regard to office space / equipment / trained manpower, etc. for the registered office and the branch offices at various locations are to be submitted.
Listed Companies, Banks and NBFCs are exempted from submitting the supporting evidence as mentioned above. Such applicants only need to furnish a generic undertaking signed by authorized signatories providing such information.