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Irda relaxes eligibility requirements for agents

Category: Financial Services,  News Source: Business Standard,  Updated-On: Jun 1 2013

Taking into account the difficulties faced by insurers in recruitingagents, the Insurance Regulatory and Development Authority (Irda) has decided to reduce the pass percentage bench mark to 35% in Agents Pre-recruitment Examination. Till now, the pass percentage was 50%.  

In a circular to the chief executives of all insurance companies, Sudhin Roy Chowdhury, Member (Life) of Irda said that the Authority has been receiving representations from various stakeholders expressing the practical difficulties involved in Recruitment of Insurance Agents. He added that the concerns raised have been examined keeping in view the present market scenario.

Further, Irda has also noticed that the number of candidates appearing for Pre-Recruitment Agents Examination is gradually reducing for various reasons.

"Among other reasons, the mandated higher bench mark of 50% marks is identified as major reason which is contributing to reduction in agency force in the country," he said.

Keeping these factors in view, the insurance regulator has decided to reduce the pass percentage benchmark, considering the fact that the Agents are under direct supervision of marketing officials of insurers who train them on the job continuously. The Irda circular said that this will come into force with immediate effect.

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