Life insurance agents with lapsed licenses can now renew their licences.

The Insurance Regulatory and Development Authority (IRDA) has announced a one-time chance to all the agents to renew the archived licences before December 31, 2013.

Life insurers can now float campaigns for renewing the archived licences, it said.

The regulator had earlier archived a huge number of individual licences of agents who had not submitted their permanent account number or whose licences were lapsed for over one year.

Orphan policies

On account of this, a large number of licences have become dormant thereby resulting in increase in the number of orphan policies (which are not being serviced by any agent).

The regulator has also advised all the insurers to publicise the offer among their agents to ensure renewal of maximum of number of archived licences.

(This article was published on April 6, 2013)
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