All Non Life Insurers,
Re: Modification of Guidelines pertaining to Individual Agents -IRDA
In partial modification of Clause (1) of the captioned circular the term ‘relative’ is re defined as lithe term ‘relative’ shall include spouse, dependent children or dependent step children, whether residing with the employee or not”. Further it is clarified that this clause is applicable only in respect of agents who are licensed or whose agency is transferred to another insurer on or after 01st July, 2011.
All other provisions of the captioned circular are ‘mutatis mutandis’ applicable as outlined