Code
of Conduct for Insurance Agents
The Insurance
Regulatory and Development Authority of India (IRDAI) has informed that as per
Sec 42(3)(h) of Insurance Act, 1938 amended vide Insurance Laws (Amendment)
Act, 2015, an agent who has violated the code of conduct as may be specified by
the regulations will be disqualified to act as an Agent. Therefore, the
Authority has notified Guidelines on Appointment of Insurance Agents, 2015 vide
IRDA/AGTS/CIR/GLD/046/03/2015 dated 16th March 2015. In terms of the said
guidelines, a code of conduct for agents has been prescribed with a view to
ensure that the agents act fairly in the process of insurance solicitation and
strictly adhere to the terms and conditions to which their appointment is
subjected to. As per Clause VIII.1) a) v) of Guidelines on Appointment of
Insurance Agents, 2015 the insurance agent has to disclose the scales of
commission in respect of insurance products offered for sale, if asked by the
prospect. .................................................................................
This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Lok Sabha today(24-07-2015)......................
This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Lok Sabha today(24-07-2015)......................
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