SPONSORSHIP FORM

Disclosure of agency details on policy document

Ref: IRDA/CAD/CIR/AGN/137/08/2010                 Dated: 25 August 2010

CIRCULAR

ALL INSURERS-LIFE AND NON-LIFE

RE: DISCLOSURE OF AGENCY DETAILS ON POLICY DOCUMENT. 
                

The Authority is in receipt of complaints from policyholders relating to agency identification and servicing, especially when they have approached insurers directly and are serviced through an agency allotted by the insurer. In particular, there are complaints that there are instances of agency codes thatare dummy, with the agent being non-existent. The new agency portal introduced by IRDA has several checks to weed out such alleged dummy agencies. However, as a further measure, there is a need forinsurers to make a prominent disclosure to all policyholders about the agent/broker servicing the policy. Therefore, the Authority, keeping the interests of policyholders in view, now directs all insurers, in terms of Section 14 of the IRDA Act, to display the Agency Code, Agency Name and Mobile number (landline if mobile number not available) and other contact details prominently on the first page of the policy document in bold letters with a font size equal to at least 14 of Times New Roman font. This shall be implemented by insurers on or before 1st November, 2010.

Please confirm receipt of this circular and action taken.

(A.Giridhar)
sd/-

Executive Director

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