* IRDA Regulations for becoming an agent :
The three pre-requisites laid down by IRDA to qualify as an agent under the licensing regulations are:
· Educational Qualification: Possess a minimum educational qualification of 12th standard or equivalent
(if population >5000) and 10th standard or equivalent (if population < 5000). · Practical Training: Complete one hundred hours (100) of practical training in life insurance business. · Pre-recruitment Test: Pass the pre-recruitment test, based on an examination conducted by the Insurance Institute of India or another approved body. (Agents licensed before the regulations were notified i.e. on July 14, 2000 will be exempt from the above requirements.)
The regulations also mention a 'Tied Agency System' wherein an agent can represent only one life insurer or one general insurer or both, at a time. A person having both agencies, life and non-life shall be known as a 'Composite Agent'.
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