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Requirements for becoming a Corporate Insurance Agent

Requirements for becoming a Corporate Insurance Agent:

(a) Formation or existence of an entity as required under the Regulations as above

(b) Identification of persons possessing the minimum qualifications to become a CIE or SP (a minimum of 1 CIE and 2 SPs are normally insisted by IRDA at the time of licensing). The actual number of persons will depend on the business plan of the applicant Corporate agent. CIEs or SPs can also be changed or added (in addition to minimum) subsequently

(c) Document evidencing constitution of the Corporate agent entity (e.g. Memorandum and Articles of Association) shall contain “procuring or solicitation of insurance business” as one of the main objects

(d) Proof of CIE and SPs having undergone the practical training and passed the required examination

Insurance
[Post Image Courtesy of David Castillo Dominici at FreeDigitalPhotos.net]

(e) Either CIE or one of the SPs must possess one of the following additional qualification:

(i) An Associate/Fellow of the Insurance Institute of India, Mumbai.

(ii) an Associate/Fellow of the Institute of Chartered Accountants of India, New Delhi; with diploma in Insurance and Risk Management.

(iii) an Associate/Fellow of the Institute of Costs and Works Accountants of India, Calcutta;

(iv) an Associate/Fellow of the Institute of Company Secretaries of India, New Delhi;

(v) an Associate/Fellow of the Actuarial Society of India, Mumbai;

(vi) possessing Certified Associate ship of Indian Institute of Bankers (CAIIB)

(vii) MBA (Two year) Course / PG Diploma (One year) course in Insurance from Amity School of Insurance and Actuarial Science, Noida

(viii) PG Diploma (One year) course in Insurance from Institute of Insurance and Risk Management, Hyderabad

(ix) MBA (Two year) course in Insurance from National Insurance Academy, Pune

(x) PGMBA (Two Year) course in Insurance from National Law University, Jodhpur

(xi) PGMBA (Two year) course in Insurance from MET, Mumbai

(xii) MBA (Two year) course in Insurance from Birla Institute of Management Technology, Noida

The persons with above qualifications (except at (a)) shall undergo a “Workshop for Insurance executives” at National Insurance Academy, Pune or Insurance Institute of India, Mumbai or Institute of Insurance and Risk Management, Hyderabad as prescribed by the Authority.

(f) In the case of exclusive Corporate Agencies, proof of formation of a public company, injection of a capital of `15 lakhs and depositing the money into a Bank

(g) Fee of `250 for issue of licence to the Corporate Agent and `500 for issue of Certificate for each Specified person

Insurance Law And Practice - ICSI

About Author Mohamed Abu 'l-Gharaniq

when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries.

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