IRDA cracks down on agents

Aug 24, 2010 |

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New Delhi, Aug. 24: IRDA has asked insurance companies not to do business with 884 corporate agents, who have not filed their permanent account number (PAN) details with the sector watchdog.

“The insurers will abstain from doing any business from these (884) corporate agents, until the PAN of the entities is registered in the portal by the insurers,” the Insurance Regulatory and Development Authority of India (IRDA) said in a circular.

On July 11, IRDA had asked all insurers to update the income-tax PAN of their corporate agents on the agent licensing web portal before July 31, 2010.

IRDA said that 884 corporate agents existing in IRDA’s Agency License Portal have not registered their PAN so far and asked the insurance companies to issue them a show cause notice.

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