IRDA (Licensing of Insurance Agents) Regulations, 2000 & IRDA (Licensing of Corporate Agents), 2002 :

These Regulations provide for the conditions of licensing for individual insurance agents under Section 42. The Regulations cover the following:

(a) Prescription of application for IRDA licensing alongwith the fees required

(b) Prescription of minimum qualifications for becoming an insurance agent – 12th standard or equivalent examination if the Agent resides at places with population of 5,000 or more as per census and a pass in the 10th standard or equivalent examination for candidates residing in any other place

(c) Practical training requirements from an approved training institution for 50 hours covering various insurance subjects. Further, the training hours for an agent who is going for a composite licence – i.e. one life and one non-life licence, the training requirement is 75 hours Where the applicant possesses professional qualifications such as membership of the Institute of Chartered Accountants, Cost an Works Accountant or Company Secretaries, Actuaries or an MBA, the number of training hours is reduced to 25.

(d) Pre-recruitment examinations to be conducted by the Insurance Institute of India

(e) Prescription of codes of conduct for Agents

In the case of Corporate Agents, i.e. where the entity licensed as an agent is a Company or firm, it must have at the minimum a Corporate Insurance Executive and Specified Persons who are employees of the Corporate Agent entity and who will have to possess minimum qualifications, undergo the practical training and pass the examination conducted by the Insurance Institute of India.

A licence issued under these Regulations is valid for a period of 3 years after which it shall be renewed for continued eligibility for Agents to solicit or procure insurance business.