What are the guidelines issued by IRDAI on Bima Vahaks
Find out the guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI) on Bima Vahaks.
The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines on Bima Vahaks, which refer to insurance intermediaries. Here are the key guidelines:
- Bima Vahak refers to an entity engaged in solicitation and servicing of insurance policies as a representative of an insurer.
- Bima Vahaks should possess a valid license from IRDAI to operate as an insurance intermediary.
- They should maintain the necessary qualifications and training requirements set by IRDAI.
- Bima Vahaks need to fulfill specific criteria related to educational qualifications, experience, and other eligibility requirements as stated by IRDAI.
- They are required to adhere to the code of conduct prescribed by IRDAI, which includes maintaining confidentiality, acting in the best interest of clients, and providing accurate information about insurance products.
- Bima Vahaks need to undergo regular training and keep themselves updated with insurance industry developments.
- IRDAI may conduct inspections and audits to ensure compliance with the guidelines.
- Non-compliance with the guidelines may result in penalties or revocation of the license.
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a year ago