No transfer of corporate agent licence within one year: Irda

Insurance Regulatory and Development Authority (Irda) on Thursday said no agent/corporate agent can seek transfer from one insurer to another within one year of grant of licence. Irda said no such transfer would be allowed if these agents do not achieve the minimum business norms mandated by the insurer.

At present, agents/corporate agents have to submit a 'No Objection Certificate' (NOC) to transferee insurer from the transferor insurer. Irda has further asked insurers to give the NOC within one week. These norms will be implemented with immediate effect.