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IRDA assures policies taken from barred agents valid.

TWO DAYS after the Insurance Regulatory and Development Authority ( IRDA) issued a circular barring corporate agents of leading insurance companies from selling insurance policies, the insurance regulator on Thursday assured customers that their policies would remain valid.

" The licences of the corporate agents will not be renewed with retrospective effect. The insurance policies will remain valid.

The respective insurance companies will assign another agent," IRDA chairman J. Hari Narayan said.

On Tuesday IRDA had cancelled the licenses of 4,261 corporate agents after they failed to renew their licenses in time.

Narayan further stated that the licenses of the corporate agents would not be renewed with retrospective effect. " Out of the 7,000 agents, IRDA withdrew licenses of 4,261 agents, as they failed to renew them by March 31 this year," he informed.

The IRDA chief also cautioned people not do business with these 4,261 corporate agents.

" They have not applied for renewal of licences, so there licences currently stand cancelled," the IRDA chief said.

Corporate agents whose licenses have been cancelled are associated with HDFC Bank, Indiabulls Insurance Advisors, Indian Overseas Bank, Oswal Consultancy, Max Healthcare Institute, Indian Medical Association ( Pune) and Edelweiss Capital.

The IRDA is also working out on policies purchased after March 31 till date. It is also looking into the quantum of business done through these agencies post- March 31.

The business is likely to be hit as these agencies cover all leading life and general insurers, including Life Insurance Corporation of India ( LIC), Max New York Life, SBI Life Insurance, ICICI Prudential, Tata AIG, ING Vysya Aviva Life Insurance and Birla Sun Life.

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Publication:Mail Today (New Delhi, India)
Date:Jun 11, 2010
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