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Switching Cos for Agents is tough now.

happy The Insurance Regulatory and Development Authority (IRDA) has asked insurance companies to take steps to protect the interest of their policy holders before they issue No Objection Certificates (NOCs) to the agents leaving them.

The new guidelines ensure that all agents - individuals, corporate as well as banks - continue to sell policies of the same insurance company for at least three years.

In the life insurance industry, those policies where the insurance agent has quit the organization are termed as 'orphan' policies, as there is no intermediary to service them.

IRDA has asked all the agents to submit details of all his policyholders including their contact details before leaving the company. The insurance company, in turn, has to ensure an alternative service arrangement for all those policyholders before giving NOC to the Insurance Agents.

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