News eDaily31 Aug 2017

India:Central database of insurance sales people launched

31 Aug 2017

The insurance regulator IRDAI has launched a central database of insurance sales persons in the country.

Christianed as “Envoy”, the database will ensure that all licensed insurance sales persons working for insurers and intermediaries including entities such as insurance agents, broker qualified persons, specified persons of corporate agents, authorised verifiers of web aggregators, point of sales persons (POS) etc do not work with multiple insurers and intermediaries in the same business category, reported Hindu Business Line.

Currently, Envoy covers POS, specified persons of corporate agents, qualified persons of insurance brokers and authorised verifiers of web aggregators. According to IRDAI, the next phase will cover all remaining categories such as individual agents and insurance marketing firms.

As part of the exercise, insurance agents are mandated to furnish their unique 12-digit Aadhaar unique identity number for the data bank.

The database, hosted by the Insurance Information Bureau of India (IIB), also provides a search facility for insurers and insurance intermediaries.

"Appointment of such a (sales) person by the insurer or insurance intermediary shall be taken up only after ensuring the applicant does not already figure in the database," IRDAI said.

 

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