Regulation and client advice. CHAPTER-13. The role of the Government. The irda act 1999 gives the Central G overnment of India the powers to supersede the IRDA by issuing a notification.
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Rules for carrying out the provisions of the Act
Directions on questions of policy
Annual statement of accounts
Returns, statements and particulars on
Life Insurance Council (LI Council) develops and coordinates all discussions between the government, the IRDA and the public.it is the face of the life insurance industry.
The Tariff Advisory Committee (TAC) was established to control and regulate the rates, advantages, term and conditions that may be offered by insurers in respect of general insurance business.
companies , firms,
cooperative societies etc
In case of collectives a CORPORATE INSURANCE EXECUTIVE/s is / are appointed who will be required to obtain licenses Others who work for the corporate agent will be called Specified Persons and they will be required to obtain certificates.
IS THE PROCEDURE FOR BECOMING
AN AGENT ?
A person who wishes to obtain a licence to act as an insurance agent must make an application, in therequired format, to a designated person as specified in Regulation 3. The application must be accompaniedby the fee of Rs. 250, payable to the authority as specified in Regulation 7.
A person is debarred from holding a license or an issued license is subject to cancellation if
Applications for renewal have to made at least 30 days before the expiry of the license
An agent works on commission basis. A stated percentage of the premium collected through his agency is paid as commission.
Section 40 A(1) if the Insurance Act states that commission
Agent has the dual responsibility of being true to the interests of both the parties .