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Friday, September 13, 2013

IRDA permits AIC to use services of non-life insurance agents

Agriculture Insurance Company of India (AIC) can now use the agent network of other non-life insurers for distribution of its products.

In a circular issued on Thursday, the Insurance Regulatory and Development Authority (IRDA) agents and corporate agents wanting to offer services to AIC would have to submit a 'No Objection Certificate' from their parent general insurer and enrol themselves with AIC.

However, no certificate is required for utilisation of existing agency network of public general insurance companies by AIC to distribute government -sponsored agriculture insurance schemes and distribution of in-house products on co-insurance basis, the regulator said.

``The awareness about crop insurance in rural public is very low and as such large number of crops in India are cultivated without appropriate insurance coverage,’’ IRDA said adding that there was an urgent need to spread the message of crop insurance.

Considering the above, it had decided to permit AIC to use agent network of other non-life insurers.

Source: thehindubusinessline


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