Would you like to become a Corporate Agent Of Oriental Insurance?
Vide its notification dated 16th October 02, the Insurance Regulatory and Development Authority introduced guidelines for Licensing of Corporate Agents.
As per the notification, definition of a Corporate would include ....
a Firm;
a Company formed under the Companies Act 1956 (1 of 1956);
a Banking company as defined in clause (4A) of section 2 of the Act;
a Corresponding New Bank as defined under clause (d(a) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949);
a Regional Rural Bank established under section 3 of the Regional Rural Banks Act, 1976 (21 of 1976);
a Co-operative Society including a cooperative bank, registered under the Co-Operative Societies Act, 1912 or under any law for the registration of Co-Operative Societies ;
a Panchayat or a local authority;
a Non-Government organization or a micro lending finance organization covered under the Co-operative Societies Act, 1912 or a Non Banking Financial Company registered with the Reserve Bank of India;any other institution or organization which on an application to the Authority is specifically approved by the authority.
By virtue of this regulation Corporates have been allowed to transact insurance business in addition to their core activity. Subsequently several corporate houses particularly Banks have become agents of insurance companies and have earned a profitable fixed income from the commission generated from business procured.
To become a Corporate Agent the following requirements must be fulfilled. These requirements are prescribed by IRDA in their notification dt. 16th October 2002 followed by circulars dt. 14th July 05 and 27 December 2005. In brief these are as follows:-
The applicant should be a Company whose principal business should be other than distribution of insurance products. The corporate agent should canvas insurance products with the help of insurance professionals who satisfy the qualifications laid down in the regulations.
The designated officers marketing insurance should be whole time employees of the organization and at least one person should have insurance qualification to the extent of FFII or AFII. All persons involved in insurance must have the minimum qualification and training prescribed for agents.
For full details please visit IRDA website www.irdaindia.org.
In case you meet with the above requirements please contact the nearest regional office/divisional office of our company in your area and submit an application on plain paper giving brief details about your company and the employees who would be involved in marketing insurance products.
Our offices would then arrange for the training etc. of the nominated employees to meet the requirements of the IRDA. On completion of training and passing of examination a Corporate Agents Licence would be issued. This is issued at the Head Office of Oriental Insurance. The nearest office in your area will forward the application form for Corporate Agents Licence along with proof of qualification/passing of examination to the Head Office.