IRDA asks insurers to make blacklisted agents public

IRDA asks insurers to make blacklisted agents public

New Delhi: The Insurance Regulatory and Development Authority (IRDA) has asked all the insurance companies to make public the names of their agents involved in malpractices.

Concerned over the increasing number of complaints against insurance agents, the insurance regulator has asked all the life and non-life insurance companies to take appropriate steps, sources said.

“Publish details of agents who are involved in any form of malpractices on the insurers website along with the date from which the said agent ceases to be agent of that Insurer, IRDA said in a recent communication to all the insurance firms.

The sources added that the insurance regulator was receiving complaints against agents involved in practises such as not providing details about the schemes or making wrong commitment about claim settlements and high returns.

IRDA has also asked the companies to ensure that from 1 November, all prospective agents undergo training as per the new syllabus, which is expected to cover all the issues.

The Insurance Institute of India, Mumbai has been charged to conduct the first offline and online exam with the revised syllabus for 50 hours in November.

IRDA has also asked the insurance companies to submit quarterly reports furnishing complete details of each person sponsored for examination and training, sources said.

It has also warned all the Agents Training Institutes (in-house, private and on-line) that they would have to submit quarterly reports by 7 November, at the end of each quarter, otherwise they would be deemed to be suspended.

The sources also said IRDA also plans to conduct annual inspections of both life and non-life companies, especially to ensure that there is no overload of claims.