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Tuesday, August 10, 2010

Irda to remodel syllabus for agents

The Insurance Regulatory Development Authority (Irda) has asked the private insurance companies to check on agents' attrition. In the process, the regulator is working on remodeling the syllabus for agents. Towards this, a draft has been prepared and Irda has invited opinions from the stakeholders. The draft is expected to be completed in the next two to three months. 

This stems from the recent developments from Irda, which is proposing a complete overhaul of rules governing insurance agents in order to market long-term products. Speaking to the media, after launching the 106th testing and assessment centre of NSE.IT, a subsidiary of National Stock Exchange, J Hari Narayan, Irda, chairman said that the regulator is not looking at a short term growth for the industry. "Growth has to be a continuous process. A well-qualified agency course is equally important. The terms under are derived from the Insurance Act of 1938 but overtime we should remodel for a robust and well profiled and well trained agents. We have issued an exposure draft and various measurse that we have been considering and waiting for comments from individuals stakeholders and other experts,'' he said. It is expected to be completed in the next three months, he added. In fact, Irda is planning to make the syllabus for agent recruitment test comprehensive by including material on policyholder needs analysis and complex product like Ulips. 

On health insurance, he said that mechanisms are being put in place to improve efficiency in health insurance administration. "The issue is between the charges which hospitals are raising and insurance companies are levying. As on July 1, 328 hospitals was in the network for cashless facility across four cities Mumbai, Delhi, Chennai and Bengaluru. But after that they decided to withdraw cashless in view of high and steep charges. My last information is there are about 390 hospitals signed up partnership network."
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