The insurance regulator IRDA is ready to scrap the present system of manual exams for prospective insurance agents to restrain malpractices, said a senior official. After execution of the move, individuals aspiring to become insurance agents will have to go for on-line exam.
IRDA’s exam to select insurance agents is conducted by the Insurance Institute of India (III) in 325 centres across the country. Nearly 7-10 lakh individuals write the exam every year. Almost half of them are selected and given a license to operate as agents.
However, the regulator has been flooded with complaints on malpractices in off-line exams, with allegations of license being given for a “price”. The IRDA cancelled a hold of licenses last year, following such complaints.
IRDA’s exam to select insurance agents is conducted by the Insurance Institute of India (III) in 325 centres across the country. Nearly 7-10 lakh individuals write the exam every year. Almost half of them are selected and given a license to operate as agents.
However, the regulator has been flooded with complaints on malpractices in off-line exams, with allegations of license being given for a “price”. The IRDA cancelled a hold of licenses last year, following such complaints.
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