For growth of insurance penetration in the country, watchdog Insurance Regulatory and Development Authority of India (IRDAI) on Monday decided to allow Point of Sales Persons (POSP) to sell policies.
In a guideline governing the POSPs, the IRDAI said they can sell only pre-underwritten policies that needs little or no intervention by an intermediary in its sale.
According to IRDAI, each POSP, appointed by an insurance company or an insurance intermediary who will be responsible for them. will be identified by his Aadhar card or his PAN card and should have passed class 10.
The POSPs can sell only motor insurance (comprehensive and third party); personal accident; home insurance, travel insurance and other products approved by IRDAI.