IRDA GUIDELINES ON INSURANCE SERVICE BY AGENTS

According to the circular issued to the insurers and agents (both individual and corporate), the agreement between the agent and the insurer must be for a  minimum of three years, unless there is instance of fraud or non-performance. Moreover, the onus of servicing the existing policies would lie with the insurer. This includes verification of the details of the policyholders by the insurer and the agent and identifying officials for future servicing of the policies. The circular adds that all policies are to be serviced by the insurer in keeping with the standards prescribed.