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Home / IRDA Update 

IRDA's code of conduct for agents

Proposals seeking insurance cover should be filled in only the person/s seeking to be insured, as per the code of conduct being formulated by the IRDA for insurance agents. 

The provision in the code is to mainly avoid complaints at a later stage, especially from the nominees of the insured who at the time of the claim say that discrepancies could have been avoided if the insured had filled in the application on their own.

As per the code, it would be necessary for those availing insurance to fill in the applications themselves. And it would also be made mandatory for the agents to disclose on demand the commission that they would be entitled to from the proposal.

The code to govern the intermediaries of insurance companies in the country is likely to direct the agents to provide a copy of the filled-in proposal-application to the client, before submitting it to the company. 

For prospective insurance agents, the code is likely to recommend an examination and a 100 hour training course. Additionally, all agents - present and future will be issued with identity cards by the IRDA.

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