Question: How Do I Surrender My IRDA Licence?

Which is the section in Insurance Act mentioning the disqualification to act as an insurance agent?

[(5) If it be found that an insurance agent being an individual is, or being a company or firm contains a director or partner who is suffering from any of the disqualifications mentioned in sub-section (4), then, without prejudice to any other penalty to which he may be liable, the 463 [Authority] shall, and if the ….

How do I cancel my IRDA license online?

To cancel IRDA license you have to contact the particular insurance company. Meet the Branch Manager who got you the license. Just give a written application to them that you want to cancel your IRDA license. Get the letter signed and stamped by the concerned authority.

Can an insurance agent work for two different companies?

What Is an Independent Insurance Agent? Unlike captive insurance agents, independent insurance agents are not contracted to work with one single company, and they can sell policies from multiple insurance companies.

How do I surrender my insurance agency?

1) In case an insurance agent appointed by an insurer wishes to surrender his agency with his/her insurer, he/she shall surrender his appointment letter and identity card to the designated official of the insurer with whom he/she is currently holding agency.

What is the validity of IRDA Licence?

As per IRDA regulations you need to renew your surveyor license every five years. The system sends you a reminder email 3 months before the license expiration date informing you to renew your license before expiry.

How do I check my IRDA complaint status?

To register a complaint with the IRDAI, as a policyholder you can use of the Integrated Grievance Management System (IGMS), IRDAI portal ( for registering a complaint and monitoring the status of the complaint themselves.

What does employment cessation mean?

Overview. A person’s employment can end at the instigation of the employee, at the instigation of the employer or due to the operation of law. A person employed for a fixed period ceases employment at the conclusion of the fixed period.

How do I surrender my IRDA license?

Process of Transfer of License: To change you company, you need to get an NOC from your insurance company by putting in your resignation and then requesting them to forward the same to IRDA. Thus, you can cancel your license by simply writing a resignation with a valid reason.

How can I check my IRDA license status?

Application under process by IRDA….To view Applications Status:Click Surveyor – Individual tab. If you are a corporate surveyor, click Surveyor – Corporate tab.Click View Application Status tab. The View Application Status screen is displayed.The status of the application is displayed in Application Status column.

How do I complain to the Ombudsman?

How do I make a complaint?Call us free on 1800 451 524.Fill out an online complaint form.Write to us at NSW Ombudsman, Level 24, 580 George Street, NSW 2000.

Who can cancel the Licence of an agent if agent violates code of conduct?

4. The attention of the licence holder is drawn to the code of conduct specified under Regulation 9 of INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002, and any violation of code of conduct may result in cancellation of licence.

Can I transfer my lic agency to another person?

You have to contact your present branch and give your request letter for the transfer of your required branch. You have to submit the proof of residence of new place in which you want to transfer.

How can I get LIC NOC?

First, contact the Agency Officer of the Insurance company, submit all the documents e.g. Agent Quitting Form, Photocopy of Agency Licence and any other document as required by Agency Officer. NOC issuance will take lots of time.

How do I become a composite insurance agent?

Who can become a Composite Insurance Agent? A person who seeks a composite insurance agent license must possess the minimum qualification of a pass in 12th Standard or equivalent examination held by any recognised Board/Institution, if the applicant lives in a place with a population of 5,000 or more.

What is a cessation date?

Cessation Date means the date of the Optionee’s termination of, or resignation from, active employment with Advantage, regardless of whether adequate or proper advance notice of termination or resignation shall have been provided in respect of such cessation of being.

How can I contact IRDA?

Contact Irda You can either approach the grievance redressal cell of the consumer affairs department of Irda (complaints@irda. or by calling on 155255 (or) 1800 4254 732, or fill in the complaint registration form available on Irda website.

What is cessation certificate?

The insurance company will issue a cessation certificate within 15 days from the date of surrender of agency license. … That means, the agents are required to first surrender their existing agency license through resignation.

What license do you need for soliciting insurance?

An individual can apply for only one licence which will entitle him to solicit or procure insurance business of any class and to act as an insurance agent for one life insurer, one general insurer, or both.