Title: To All the Insurers
Reference No.: IRDA/LIFE/CIR/MIN/ 095/04/2017
Inclusion of Farmer Producer Company (FPC) in the list of Micro Insurance A
No. IRDA/LIFE/CIR/MIN/ 095 /04/2017
April 26, 2017
Re: Inclusion of “Farmer Producer Company (FPC) in the list of Micro Insurance Agent”
Reference is invited to Regulation 2 (f) of IRDAI (Micro Insurance) Regulations 2015 (Regulations) which defines a “Micro-insurance Agent”.
Based on the feedback of the Insurers, it has been decided by the Competent Authority to include the “Farmer Producer Companies (FPC)” registered under Companies Act, 2013 (reference: Section 465 (1) of the Companies Act, 2013 and Part IX A of Companies Act, 1956) in the list of “Micro Insurance Agents”.
This Circular is issued by exercising the powers vested under Regulation 14 (2) (e) of IRDA Act, 1999 and comes into force with immediate effect.