IRDAI asks agents to keep records of their business activities handy

IRDAI has asked insurance companies and insurance intermediaries like agents and brokers to keep their business records like payments, policies sold, employee details handy.

IRDAI said that these details will help them carry out investigation and inspection of business activities of insurance companies and agents. The insurance regulator said, “The objective of these regulations is to specify minimum information required to be maintained by insurer, intermediary or insurance intermediary, so as to enable the investigating officer to discharge satisfactorily his or her functions.”

IRDAI clarified that agents are required to maintain business records like list of new policies sold, policies renewed, claim settlement, grievances and complaints received and details of employees if any.

In addition, agents will have to disclose if they have entered into an agreement with third parties to generate leads or solicit policies. Also, agents will have to maintain receipt of all payment received and made.

Similarly, insurance companies need to maintain list of all the proposals received, policies sold and renewed, claim request, grievances and complaints and appointment letters issued to all agents, consultants, members of the staff along with changes.

Source: Cafe Mutual