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1/13/18 11:22 PM
Dear Sir,

The Agent keeps Cash Deposited in CD account. That is why it is called CD account.

Policies are issued drawing cash premium amount that is already deposited in the CD Account.

After the policy is Issued in the portal , the Agent delivers the Policy and collects premium from the Insured.

Most of the proposers refuse to pay Cash to the Agents.
The Customers give the argument:
1. As per Insurance Act the Agent is not authorized to collect premium in Cash / Cheque in his account. The agent is supposed ONLY TO CANVASS.
2. As per money Laundering act no payment beyond Rs50000/- should be made by Cash

So, most of the customers issue premium Cheque in the name of the Oriental Insurance Company. 

Kindly advise whether the  Amount of this Cheque issued by the Insured can  be deposited by the underwriting office to the CD account of the Agent ?
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