Insurance sector regulator IRDAI has made passing an examination based on its syllabus a must for becoming an insurance agent.”An applicant shall pass in the Insurance Agency Examination conducted by the Examination Body in the subjects of Life, General, and Health Insurance as the case may be, as per the syllabus prescribed by the Authority to be eligible for appointment as an insurance agent,” said IRDAI guidelines on Appointment of Insurance Agents 2015.
The guidelines of Insurance Regulatory and Development Authority of India (IRDAI) have come into force from April 1, 2015.
However, insurers are allowed to file their board approved policy for 2015-16 on Appointment of Insurance Agents and appoint agents by the end of June, 2015.
The time-line has been extended upon request of insurers as their board meetings to approve the policy are scheduled in the first quarter of 2015-16.
IRDAI further said insurers failing to file the board approved policy by June end would be barred from appointment of agents from July 1, 2015.
However, standalone health insurers (SAHI) are allowed to appoint agents till June 30, 2015 based on examination format of Insurance Institute of India (III).
“The Appointment of Agents by SAHI with effective from July 1, 2015 shall be subject to passing the Health Insurance examination prescribed by the Authority,” it added.