Corporate Agency Norms- Key Changes
- From the fourth year on wards, no corporate agent shall place more than 50% of the premium with any one insurer.
- All Corporate agents should file half yearly returns with the IRDAI
- No insurer shall require the corporate agent to insure every client with it
- The agreements between a corporate agent and insurer should be disclosed to the IRDAI within 30 days
- Every corporate agent will have to serve the policyholder during the entire period of contract.