MLM IS BANNED WITH INSURANCE NOW
IRDA Banned Corporate Insurance Agents
in: India
Are you planning to take an insurance policy for yourself or for any of your family member from a corporate agent? Just wait to check whether that agent is authorized to sellthe insurance policy or not.
According to The Insurance and Regulatory Development Authority, also known as by its short name (IRDA), there are approx 7000 corporate agents in the country and more than 4000 out of 7000 did not apply for renewal of their license since 31 March 2011.
IRDA has cancelled the license and banned 4261 corporate agents who are selling life insurance and General Insurance with out getting their license renewal from March 31, 2011. IRDA has issued a list of such agents who are not authorized to sell the insurance policy.
IRDA warned the Insurance companies not to transact with such agents and also suggest the public not to take any type of insurance policy from those agents.
According to a senior officer of IRDA the policies purchased after 31 March to till date may declare as not to be valid, but they are still thinking about to take this step.
By doing so it will affect the business of all the Insurance companies dealing in Life and General Insurance including the big names like HDFC Bank, Standard Chartered Bank, Housing Development Finance Corporation and LIC because all these Insurance companies are related with these corporate agents at big level of their business.
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