New Delhi: In order to improve the services of insurance agents, the Insurance Regulatory and Development Authority of India or Irda said in a circular issued on Monday that every insurer should enter into an agreement with an agent or a corporate agent for not less than three years.
The circular also states that the insurer should identify officials for future servicing of these policies before the agent leaves the company.
Renewal commissions are also not to be paid if the agent leaves the company before completion of five years.