FAQ - Corporate Agents

FAQ - Corporate Agents
1. IRDAI (Registration of Corporate Agents) Regulations, 2015 issued by the Authority on

Registration of corporate agents will be effective from which date?
Ans : These Regulations came into force with effect from 01-04-2016.
2. Corporate Agents – Fee Structure:
Ans :
Non-Refundable Fee – Rs.10,000
Registration Fee for issue of Certificate of Registration (COR) – Rs. 25000
Renewal Fee for Renewal of COR – Rs. 25000
Fee for issue of Certificates for Principal Officer/Specified
Person/Authorized Verifier – Rs. 500.
Late fee for renewal of CA COR - Rs. 750
3. Whether the application under New Regulations to obtain Certificate of Registration
(COR) has to be made by the applicant directly to the Authority without any involvement
of insurer?
Ans: Yes. All applications made under IRDAI (Registration of Corporate Agents)
Regulations, 2015 should be submitted directly to the Authority by the applicants the
online mode.
4. Capital Requirement for a Corporate Agent exclusively doing insurance intermediation –

How it will affect the existing CA exclusively doing insurance business?
Ans: As per the New Regulations, a Corporate Agent exclusively doing insurance
intermediation should have a minimum share capital or contribution and net worth of
Rupees Fifty Lakh and it should be maintained a net worth of Rupees Fifty Lakh at all
times.
The Existing Corporate Agents exclusively doing insurance intermediation, also will have
to be compliant with New Regulations before applying for obtaining Certificate of
Registration in order to carry out their activities continuously w.e.f. 01.04.2016.
5. Whether submitting Board approved open architecture policy is mandatory even if the
corporate agent wishes to have single tie-up or is required only for multiple tie-up?
Ans: Yes. Every corporate agent shall file, at the time of seeking registration, with the
Authority, a Board or its equivalent Approved Policy on the manner of soliciting and
servicing insurance products. The Policy, amongst others, shall include the approach to
be followed by the corporate agent in having single or multiple tie-ups, the partners in the
tie-ups, the business mix, the type of products sold, grievance redressal mechanism and
reporting requirements.
6. Who conducts the training and examination for Principal Officers/Specified
Persons/Authorized Verifiers?
Ans: Online training will be conducted by the Insurance Institute of India, Mumbai and
online examination will be conducted by NSEIT.
Website of Insurance Institute of India (III) – www.insuranceinstituteofindia.com
7. What is the procedure of transfer of Specified Persons? How is such transfer to be

effected on the IRDAI portal?
Ans: Every SP/PO desiring to transfer his/her certificate to the other corporate agent
shall do so only after obtaining no objection certificate from the transferor corporate
agent as per the procedure prescribed in the Regulation 7. In case the transferor
corporate agent fails to issue NOC within 30 days of the date of application, it will be
deemed that the NOC is issued and they do not have any objection for the proposed
transfer.
8. Post 1st April, 2016, is there any requirement for insurer to conduct onsite inspection of
CAs?
Ans : NO. As per Regulation 27, the Authority has the power to inspect the records of a
Corporate Agent and performance of its activities anytime and in case of any deficiency
observed, the Authority may take appropriate disciplinary action. The procedure
applicable for the Inspection and the Audit of a Corporate Agent are mentioned in
Schedule IV of these Regulations.
9. What are all the things that should be provided in Board Approved Policy required under
Reg. 20 (1)?
Ans: The Board or equivalent approved policy shall contain the approach to be followed
by the corporate agent in having Single or Multiple tie-ups, the proposed partners in the
tie-ups, the business mix, the type of products sold, grievance redressal mechanism and
the reporting requirements. The corporate agents after registration can enter into
agreement with insurers for solicitation and distribution of their products and this should
be disclosed to the Authority within 30 days of entering into such agreements. However,
the board approved policy can be exhaustive and contain all other matter which they
deem fit and necessary for registration and functioning of corporate agency.
10. What type of registers shall be maintained by the Corporate Agents and the format of the
same?
In accordance with Regulation 30, every corporate agent shall maintain following
registers in the prescribed formats.
Register of Client Details:

Name of the Client; Contact Address; Mobile Number; Policy Type; Policy Number;
Premium Amount; Date of Commencement; Plan and Term; Sum Assured; Renewal
details
Register of Complaints:
Name of the Complainant; Nature of Complaint; Date of Complaint; Policy Number; SP

details; Action taken details.
Register of Specified Persons/Authorized Verifiers:
Name; Address; Telephone NO.; Photograph; Date of Commencement of employment;

Date of leaving service; Monthly Remuneration.
11. Can a specified person work for more than one insurer?
Ans :Yes, as per Reg. 3, Corporate Agents may have arrangements with a maximum of
three life, three general and three health insurers to solicit, procure and service their
insurance products and the Specified Person can work for all the insurer/s with whom
they have tied up, provided the Specified Person has certificate for the respective line of
business (Life/General/Health). Eg.: Specified Person (SP) having certificate to act as
SP for Life business can work for life insurers only with whom CA is tied up.
12. As per Reg. 14 (iv) the corporate agent has to take adequate steps for redressal of
grievances of its clients within 14 days of receipt of such complaints and keep the
Authority informed about the number, nature and other particulars of the complaint.
Whether such complaints need to be logged in Insurer's grievance redressal system as
well which is integrated with IGMS?
Ans : The complaints received by the Insurer should be logged in their grievance
redressal system as well which is integrated with IGMS . However, both CA and the
Insurer should have their internal mechanisms to consolidate all the complaints received
at both ends & resolve the complaints with fair resolution to the Policyholder.
13. As the regulations requires mapping of all policies to SP’s for business sourced by them,
how shall the mapping be done for cases wherein the policies are purchased directly by
the Policyholders online?
Ans: For the policies purchased by the policyholders through online will be treated as
DIRECT BUSINESS and the corporate agency code can be tagged.
14. Is there any time frame within which the Corporate Agent needs to have tie up with the
Insurer?
Ans: As per Reg. 23 (a) Corporate Agents registered under these regulations shall have
to enter into arrangements with insurers for distribution of their products. These
arrangements shall have to be disclosed to the Authority within 30 days of entering into
such arrangements. The minimum period of such arrangement shall be for one year.
15. What are all the Returns/Certificates to be submitted to the Authority?
By the Corporate Agent:
As per Reg 20 (2), the corporate agents have to furnish half-yearly returns to the
Authority insurer-wise business placed separately in respect of life, general and
health insurance, in the formats specified by the Authority, before 31st October and
30th April every year
As per Reg 21 (ii), where the insurance is sold as an ancillary product along with a
principal business product, the corporate agent or its shareholder or its associates
shall not compel the buyer of the principal business product to necessarily buy the
insurance product through it. The Principal Officer and CFO (or its equivalent) of the
corporate agent shall file with the Authority a certificate in the format given in the
Schedule VIII on half-yearly basis, certifying that there is no forced selling of an
insurance product to any prospect.
By the Corporate Agent and Insurer:
3) As per Reg 31 (3), every insurer who is engaging the services of a corporate agent
shall file with the Authority a certificate, separately for all such corporate agents, in
the format given in the Schedule VIA to be signed by the CEO and CFO. A similar
certificate from the Principal Officer and CFO (or its equivalent) of the corporate
agent specifying the commission/ remuneration received from the insurer shall be
filed with the Authority as given in Schedule VIB
16. List of Corporate Agents – Where is it available?
Ans: The list of corporate agents registered with the Authority is available on the
Authority’s official website “www.irda.gov.in”.

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FAQ - Corporate Agents

1. IRDAI (Registration of Corporate Agents) Regulations, 2015 issued by the Authority on

2. Corporate Agents – Fee Structure:

4. Capital Requirement for a Corporate Agent exclusively doing insurance intermediation –

7. What is the procedure of transfer of Specified Persons? How is such transfer to be

Register of Client Details:

Name of the Complainant; Nature of Complaint; Date of Complaint; Policy Number; SP

Register of Specified Persons/Authorized Verifiers:

Name; Address; Telephone NO.; Photograph; Date of Commencement of employment;

15. What are all the Returns/Certificates to be submitted to the Authority?

By the Corporate Agent:

By the Corporate Agent and Insurer:

16. List of Corporate Agents – Where is it available?

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