Money & Banking

IRDAI launches central database of insurance sales persons

G Naga Sridhar Hyderabad | Updated on January 09, 2018

Named `Envoy’, the database will esnure that all licensed insurance sales persons working for insurers do not work with multiple insurers and intermediaries in the same business category.

The Insuranace Regulatory and Development Authority of India (IRDAI) has launched a Central Database of all Insurance Sales Persons in the country.

Christined as `Envoy’, the database will esnure that all licensed insurance sales persons working for insurers and intermediaries including entities such as insurance agents, broker qualified persons, specified persons of corporate agents, authorised verifiers of web aggregators, point of sales persons (POS) etc do not work with multiple insurers and intermediaries in the same business category.

At the present stage, Envoy covers POS, specified persons of corporate agents, qualified persons of insurance brokers and authorised verifiers of web aggregators.

According to IRDAI, the next phase, to be taken up shortly, will cover all remaining categories such as individual agents and insurance marketing firms.

The database also provides a search facility for insurers and insurance intermediaries whereby an applicant insurance sales person's details are queried for a match in the database. Appointment of such a person by the insurer or insurance intermediary shall be taken up only after ensuring that the Applicant does not already figure in the database.

Published on August 26, 2017

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