Motor third party policies may soon be available at pollution check centres and other agencies following insurance regulator IRDAI approval to the proposal of relaxing norms.
Insurance Regulatory and Development Authority of India has approved relaxation of norms in the proposed IRDAI (Appointment of Insurance Agents) Regulations, 2016.
During the 92nd meeting of the IRDAI, an additional note proposing relaxation of the agency norms to facilitate distribution of simple insurance policies such as Motor Third Party policies through agencies such as pollution check centres was put before the Board for consideration.
The relaxation proposed was: 'Provided that the Authority may exempt one or more of the above conditions for such applicants who are to be appointed to distribute specific insurance product(s) having fixed premium and/or benefits such as Motor Third Party Insurance'.
The Authority 'concurred' with the proposal and acceded to insert the same into the proposed regulations before notification, said the minutes of the meeting.
The IRDAI (Appointment of Insurance Agents) Regulations, 2016 was also approved.
Among others, the regulations propose a 'Centralised list of Agents' maintained by the IRDAI, which would contain all details of agents appointed by all insurers.
There will also be a 'Centralised list of black listed agents'.
In March last year, IRDAI had issued guidelines on appointment of insurance agents. The guidelines would be converted into regulations.
As per the guidelines, which came into force from April 1, 2015, an insurer is responsible for all acts and omissions of its agents and is liable to a penalty of up to Rs 1 crore.
