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Business News/ Industry / Banking/  Irda asks life insurers to renew dormant licences
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Irda asks life insurers to renew dormant licences

Insurance sector regulator says life insurers can send their request for renewal up to 31 December

A file photo of Irda chairman T.S. Vijayan. Photo: Hindustan Times (Hindustan Times)Premium
A file photo of Irda chairman T.S. Vijayan. Photo: Hindustan Times
(Hindustan Times)

New Delhi: Insurance Regulatory and Development Authority (Irda) on Friday said life insurers will be given a “one-time chance" to renew dormant licences by this year-end.

“It has been decided to grant one-time chance to all insurers to float campaigns to renew the archived agency licences," Irda said in a circular, adding they can send their request for renewal up to 31 December 2013.

“Beyond this date no request for renewal of archived licence will be entertained," the circular said.

It said a large number of licences had become dormant resulting in increase in number of orphan policies as many agents had not submitted their Permanent Account Number (PAN) or their licences were lapsed for more than a year.

“Therefore, the policyholders insured through these agents are facing servicing problems with the insurers," it said.

Besides, Irda said it is also receiving large number of requests from such agents to consider renewal of their licences.

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Published: 05 Apr 2013, 11:13 PM IST
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