Insurers can hire Insurance agents without Irda licence from April 1, 2015

IRDA the Insur­ance sec­tor reg­u­la­tor in India said insur­ance com­pa­nies can appoint indi­vid­ual agents on their own with­out licence from the reg­u­la­tor from April 1. The reg­u­la­tor also plans to make health insur­ance, so far con­sid­ered a part of the non-life sec­tor, a stand­alone entity.

So far, the appoint­ment of agents is done through the licens­ing mech­a­nism. The whole licens­ing sys­tem will go now. On health insur­ance The Indi­an insur­ance indus­try focuss­es on two main line of busi­ness — life and non-life. Irda is com­ing out with a third line of busi­ness, which is health insur­ance. A sep­a­rate set of reg­u­la­tions will be framed for health insurance.