MANU/IRDA/0024/2016

Authority : Insurance Regulatory and Development Authority

Circular No. : IRDA/INT/CIR/T&E/136/07/2016

Date : 13.07.2016

To

CEO's of Life, General and Health Insurance Companies
CEO's/ Principal Officer of Insurance Intermediaries and insurance agents
Director, NIA, Pune/ Secretary General Ill, Mumbai/ Controller of Examination NIELIT, New Delhi

Harmonisation of training and examination requirements for various channels of distribution

As you are aware the Authority has put separate stipulations to cover the training and examination requirements for various channels of distribution namely insurance agents, corporate agents, insurance brokers, web aggregators, insurance marketing firms, CSC-SPV, Point of Sales person, etc. It is observed that the objectives intended to be achieved through these training and examination criteria has significant overlap. The Authority is therefore of the view that it s desirable to have appropriate consolidation of all the training and examination criteria not only to bring in efficiency in the conduct of training and examination but also to facilitate various channels to engage more number of persons.

Based on the above, the Authority proposes the revised training and examination requirements, the salient features of which are as under:

1. The training and examination approach covers the type of intermediary, the person undergoing training, the institute conducting the training and examination, the number of hours for fresh and renewal, the syllabus and the minimum passing marks.

2. The channels of distribution are broadly slotted into 3 categories based on the policyholders they serve, the relationship with the insurer and the range of products they sell namely

a. Insurance agents

b. Insurance brokers

c. Other insurance intermediaries namely Corporate agents, web aggregators, Insurance Marketing Firm, CSC-SPV, Point of Salesperson (PoS).

3. Whilst for the agents, the training would be undertaken by the company, for insurance brokers, corporate agents, web aggregators, insurance marketing firm, the training would be imparted b........