IRDA bans over 4,000 corporate agents

As many as 4,261 corporate agents out of the total 7,000 in the country not authorised to sell policies from March 31

PTI | June 9, 2010



The Insurance Regulatory and Development Authority (IRDA) has said that as many as 4,261 corporate agents, out of the total 7,000 in the country, are not authorised to sell policies from March 31, this year.

The IRDA, which displayed the names of corporate agents that were banned, cautioned the insurance companies and general public not to transact any insurance business through them.

The list of banned agents includes HDFC Bank (General Insurance), Oswal Consultancy, India Bulls Insurance Advisors Pvt Ltd in Mumbai; Prosoft Technologies and Tangent in Bangalore; Rishab Investments and Cosmos Financial Services in Chennai; Pact Brokerage and Atluri Travels in Hyderabad.

"These corporate agencies were due for renewal on or before March 31, 2010 but have not been renewed till date. All these agency licences have been withdrawn," IRDA said in a circular on Tuesday.

According to a senior IRDA official, the policies purchased after March 31 and till date could be valid and the full implications are being worked out.

The business is likely to hit as almost all life and general insurers including Life Insurance Corporation of India engaged these agencies.

The IRDA is in the process of verifying the quantum of business done through these agencies after March 31.
 

Comments

 

Other News

Inching closer to a trade deal with America

The cooperation between India and the United States goes back quite a time. We need to relegate that era to the backburner when Pandit Jawaharlal Nehru visited US in the times of president Dwight Eisenhower and called the American let-off of 10 million dollars in defence aid to Pakistan as a “gun w

Manch vs Musk: Forty people and a foreign billionaire

About forty people walked the roundabout on Teen Murti Marg to the gate of Chanakyapuri police station, a distance you could cover in under a minute, on Friday to protest against Elon Musk’s Starlink. The walk was called by the Swadeshi Jagaran Manch. Nobody joined them on the way, and nobody seeme

Master sculptor recalls the making of the Shankaracharya statue

The Golden Chisel: The Story Behind the Making of Ram Lalla  By Seethalakshmi S. and Rahul Nandan Rupa Publications, 168 pages, Rs 395  

Mumbai’s missing affordable homes

Mumbai’s real estate market keeps growing, yet homeownership remains out of reach for much of its population. Three experts – urban researcher Hussain Indorewala, urban planner Vidyadhar Phatak and developer Kamlesh Thakur of NAREDCO Maharashtra, agree that simply constructing more apartments

Rubio denies US foreknowledge of Starlink restrictions in Ukraine

US secretary of state Marco Rubio has said he was unfamiliar with the Wall Street Journal report suggesting Elon Musk had decided to throttle Starlink services in Ukraine, but rejected claims that Washington had ordered the restrictions to pressure Kyiv.   “There was no

Can AI change India’s breast cancer story?

Breast cancer has become a public-health challenge in India. The greatest opportunity is to find cancers earlier. Artificial intelligence (AI) is opening a new era in breast cancer detection. AI systems can analyse mammograms and other breast-imaging studies, identify subtle abnormalities and assist radi

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter