The Hindu Business Line : Lack of infrastructure — IRDA gets tough with training institutes

THE Insurance Regulatory and Development Authority (IRDA) has conducted surprise inspections of some of the accredited training institutes and initiated action against the erring entities.

According to IRDA sources, its officers conducted inspections on some accredited insurance agents training institutes between April 19 and 23 for ascertaining the mandatory infrastructure facilities.

Sources told Business Line that during the inspection of Agra centre of IL&FS Education Services, it was revealed that the centre was not having the mandatory infrastructure facilities.

After deciding to conduct an enquiry into the matter, the insurance regulator has directed the IL&FS institute to refrain from taking any fresh batches with effect from May 25 pending final outcome of this enquiry.

In a similar inspection of the Lucknow centre of Vision Insurance Academy, the IRDA officials found several discrepancies including non-availability of mandatory infrastructure facilities.

While ordering an enquiry, the regulator has asked the institute not to undertake fresh training programmes at this centre from May 25 pending final outcome.

Earlier, finding discrepancies in several insurance agents training institutes, the insurance regulator ordered a detailed inspection into the various irregularities.

Pending completion of the inspection, the regulator has directed the training institutes to refrain from training programmes.

During the inspection of six centres of NIS Sparta Ltd located at Kanpur, Agra, Meerut, Bhiwani, Haridwar and Lucknow, the IRDA officers found that these training centres, which were being run on franchisee agreements, were not having the mandatory infrastructure, facilities and library etc. as required by the conditions of accreditation.

Pending final outcome of the enquiry, the IRDA had suspended training activities in these centres from May 15.

More Stories on : Regulatory Bodies & Rulings | Insurance | Financial Services

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
States for continuity in pension reforms

RBF Nidhi resumes dues payment to depositors

BoE's aggressive rate hike stance not warranted

Karnataka Bank has no plans to reduce staff

Canara Bank opens ATM in Hayatnagar

Liquidity may tighten in bond market

Lack of infrastructure — IRDA gets tough with training institutes