IRDA issues norms for agents training institutes

India Infoline News Service | Mumbai |

Institutes which are engaged in training for financial products for more than three years are eligible to apply for starting an offline/online institute

In order to ensure that only serious players come into such business, IRDA (Insurance Regulatory and Development Authority) has issued standard guidelines applicable for approval/renewal of agents training institutions (ATIs).

These guidelines are applicable to all the training institutes including in-house training institutes of the insurers.

The accreditation window for starting new ATI will be opened twice in a year depending on need.

Institutes which are engaged in training for financial/insurance products for more than three years are eligible to apply for starting an offline/online institute. However this will not apply to in-house institutes of insurers, the IRDA said in a circular on 1 August 2013.

Only entities registered as Company under the Companies Act and Society and trusts registered under Societies Registration Act shall be eligible to apply for accreditation as Atls, it added.

The accreditation will be given on need basis. The existing private ATls wilt be granted a one-time permission as assessed by the Department to relocate the centers within the state. The existing ATls will also be eligible for reallocation of the centres within the state based on the assessments made by the Department.

For a new location if more than one private Agents Training Institutes apply for accreditation, internal grading and marking system will be applied to give accreditation on merits.

The initial approval will be for a period of three years and consideration of further renewal next three years would depend on the satisfactory compliance of requirements of accreditation. Accreditation of any centre which has not conducted any pre recruitment training for one year continuously will be liable for cancellation.

For renewal cases the ATI are required to apply with all documents/details three months in advance of expiry of accreditation

 

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