Key Notes (General Insurer) | Corporate Agency And Remuneration / Commission

I. Arrangements with insurance corporate agents: The IRDAI is empowered to license intermediaries, such as insurance corporate agents for 3 years at a time. ¹ The principal set of regulations for corporate agency licensing, code of conduct, material inclusions in corporate agency agreements and the IRDAI's oversight of insurance corporate agency arrangements is the IRDAI (Registration of Corporate Agents) Regulations, 2015 ("CA Regulations"). ² Significant compliance provisions include:

1. Types of corporate agents ³: There are four types, depending on the class of insurance they are licensed to distribution – (i) corporate agent (life), (ii) corporate agent (general) ⁴, (iii) corporate agent (health), and (iv) corporate agent (composite).