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The Insurance Regulatory and Development Authority of India (IRDAI) has given time to insurers till June 30, 2015 to submit board-approved policies on agent recruitment.
As per the new agents’ norms which came into effect from Wednesday, the insurers can appoint their agents on their own. They also mandate insurers to formulate a board approved policy outlining conditions pertaining to agents’ qualification, training, benefits, etc. The insurers were also asked submit the plans for the year 2015-16 to the Authority before March 31, 2015.
However, on the requests from insurers that most of their board meetings are scheduled after the beginning of the financial year, IRDAI had now extended the deadline by three more months, according to a circular issued here today.
``Insurers are permitted to appoint Agents in terms of the guidelines in the interregnum up to 30-6-2015,’’ it added.
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