Point of Salespersons (PoSP) Distribution of Add-ons Maintenance of rec

Document text

~,uftt1 "aftlfT R1At1,itcfi 3fu Rlctim ~ INSURANCE REGULATORY AND inlai DEVELOPMENT AUTHORITY OF INDIA No.lRDAI/INT /CIR/PSP /130/06/2017 To CIRCULAR All CEOs of General insurers & Health insurers Principal Officers of Insurance Intermediaries 05th June 2017. Sub: Point of Salespersons (PoSP) - Distribution of Add-ons - maintenance of records - submission of Returns. I Your attention is drawn to the Guidelines on Point of Sales Person (POS) for Non-life and Health insurers No. IRDA/Int/GDL/ORD/183/ 10/2015 dated 26th October 2015 and Circulars :- 1. No.lRDA/INT/ GDL/ORD/057 /03/ 2016 dated 11th March 2016; 2. No.IRDA/INT/CIR/PSP/123/ 06/ 2016 dated 24th June 2016; 3. No.IRDA/INT/CIR /PSP/139/07/2016 dated 13th July 2016 II. PERMISSION FOR ADD-ON COVERS 1. The Authority has received requests from some of the insurers to allow Add-ons to be sold through Point of Sale (POS). Upon examination of the same it has been decided to allow Add-ons to be marketed through PoS, subject to the overall sum insured limit of the base product. 2. Insurers may therefore file the Add-on covers with the Authority. III. MAINTENANCE OF RECORDS 1. In accordance with point No.VII (3) of Guidelines on Point of Sales Person (POS) No. IRDA/Int/GDL/ORD/183/10/ 2015 dated 26th October 2015, the insurance companies and insurance intermediaries are advised to keep with them the record of the particulars of the PoS and the business procured by them, as per format given at Annexure I. IV. SUBMISSION OF RETURNS 1. Likewise in accordance with point No. VII (3) of Guidelines on Point of Sales Person (POS) No. IRDA/Int/GDL/ORD/ 183/10/ 2015 dated 26th October 2015, insurance companies and insurance intermediaries are advised to file with the Authority the following:- i. Details of PoS as per format given at Annexure II. ii. Details of products sold by PoS, as per format given at Annexure III. 2. The other terms and conditions of Guidelines and circulars related to Point of Sales, will remain unchanged. qtt")ll 'q(R, tfrnu <@, ~, ~-500 004. ~ <o : 91-040-2338 1100, ~= 91-040-6682 3334 {-~: irda@irda.gov.in chi: www.lrda.gov.in (P.J.Joseph) 1--t- Member (Non Life) Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004 India. Ph.: 91-040-23381100, Fax: 91-040-6682 3334 E-mail: irda@irda.gov.in Web.: www.irda.gov.in Annexure I (refers to point No.III (1) of IRDAI Circular No.IRDAI/INT/CIR/PSP/130/06/2017 dt. osth June 2017) Name of the entity (Insurer/Insurance intermediary) _________ _ No. of Total Total SI. Name of the policies premium Amount Aadhaar Card No. paid to No. PoS Person sold collected (in Nos.) (in Rs) PoS person . Note : 1. The information has to be maintained in electronic form by the insurance companies and insurance intermediaries, which can be accessed by the Authority on a remote location basis. Annexure II (refers to point No.IV(l)(i) of IRDAI Circular No.lRDAI/INT/CIR/PSP/130/06/2017 dt.osth June 2017) Name of the entity (Insurer/Insurance intermediary) _________ _ For the half yearly period _______________ _ Number of Number of PoS Number of PoS Persons Number of PoS PoS Persons Persons engaged before the Persons engaged dis-engaged engaged beginning of the period during the period during the at the end period of period Note: 1. For the first half yearly period (April to Sep), the information has to be submmited on or before 31st Oct 2. For the second half yearly period (Oct to Mar), the information has to be submmited on or before 30th April Date : Signature of the Compliance Officer Signature of the CEO Annexure III (refers to point No.IV(l)(ii) of IRDAI Circular No.IRDAI/INT/CIR/PSP/130/06/2017 dt. 05th June 2017) Name of the entity (Insurer/Insurance intermediary) ________ _ _ For the half yearly period _________ _____ _ _ Total SI. No. of Total Amount No. Details of PoS policies premium paid to sold PoS person 1. Motor (TP) 2. Motor (OD) 3. PA 4. Travel 5. Home 6. Health 7. Crop (other than Govt. Schemes) 8. Pradhan Mantri Fasal Sima Yojana (PMFBY) 9. Weather Based Crop Insurance Scheme (WBCIS) 10. Coconut Palm Insurance Scheme 11. Cattle /Live stock 12. Agricultural Pump set Insurance 13. Fire & Allied Peril Dwelling Insurance Note : 1. For the first half yearly period (April to Sep), the information has to be submmited on or before 31st Oct 2. For the second half yearly period (Oct to Mar), the information has to be submmited on or before 30th April Date: Signature of the Compliance Officer Signature of the CEO