The Hindu Business Line : New guidelines: IRDA gives training institutes another chance

WITH many training institutes for insurance agents failing to send in their confirmation to the newly prescribed guidelines, the Insurance Regulatory and Development Authority (IRDA) has decided to provide the institutes with another opportunity.

In its latest circular, the regulator asked the training institutes to send in their confirmation in the prescribed format before the month-end. During the first week of October, IRDA had issued `Standard Instructions and Guidelines' for approval/ renewal of agents training institutes approved/ to be approved by the authority. As per the guidelines, the existing institutes have to convey their willingness to abide by these instructions in the format prescribed for the purpose within 15 days of the issuance of the guidelines.

However, the regulator has received only 407 complete confirmations as per the prescribed format till November 9. Having placed the list of these institutes on its Web site, IRDA proposed to issue instructions to the insurers that they could send their candidates for pre-licensing training to the institutes whose names appear in the list announced by the regulator.

On the institutes that were yet to send in their confirmation, the IRDA Chairman, Mr C. S. Rao, said, "Failure to send their confirmations to the Authority within the specified time (November 30) will be presumed to mean that the institutes are no more interested in continuing with the accreditation and carrying on the pre-licensing training of agents and their accreditation will be cancelled without further notice."

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