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HOW TO BECOME A CORPORATE INSURANCE AGENT

§  The insurance company will arrange for all the formalities on behalf of the agent for issue of license. the license will be issued by IRDA valid for a period of 3 years . the fees payable to the authority for issue or renewal of license to act as a corporate agent shall be rupees two hundred and fifty.
§  A film or company or person as specified desirous of becoming a corporate insurance agent must have its main objective in its deed or memorandum of association as soliciting or procuring insurance business as a corporate agent. the company must first select and approach the insurance company for which it wants to become an insurance agent. the corporate insurance executive shall possess the minimum qualification as prescribed.
§  the company must first select and approach the insurance company for which it wants to become an insurance agent.
§  “Corporate Agent” means any person specified in clause (k) and licensed to act as such;  the case of a company or firm means, a director or a partner or one or more of its officers or employees so designated by it, and in the case of any other person, the chief executive, by whatever name called, or one or more of his employees designated by him, who possesses the requisite qualifications and practical training and who have passed such an examination as required under clauses (e) and (f) of Section 42 of the Act.
§  Corporate entities represent an insurance company and sell its policies. Usually they are engaged in a particular business and sell insurance policies to their existing customers based on the situation. For example, a travel agent may offer you a travel insurance policy or a vehicle dealer a motor insurance policy.
§  When a bank becomes the corporate agent of an insurance company it is referred to as a banc assurance arrangement or partnership. Banks offer insurance policies to their customers based on their knowledge of their situation and needs.
§  Corporate Agents can represent one life insurer, one non-life insurer and one standalone health insurer. In addition they can represent the two specialized insurance companies, Export Credit Guarantee Corporation and Agriculture Insurance Corporation of India. (d)   "Certification" means the process by which a Specified Person of the Corporate Agent, who has successfully undergone practical training and passed the required examination, is issued a Certificate entitling him to solicit and procure insurance business on behalf of the Corporate Agent; Corporate Agent who holds a license to act as an insurance agent for a life insurer and a general insurer;
§  the corporate insurance executive must undergo stipulated training of 50 hours or 75 hours as may be specified. after completion of the period of 3 years the agent must undergo a renewal training for 25 hours.
   
Varun
Varun
Name26-Aug-2013
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