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IRDA Launches Central Database of Insurance Salesperson

Insurance regulator IRDAI will be creating a database of insurance agents and intermediaries, similar to what it did for Point of Salespersons, primarily as a check against duplication. The Insurance Regulatory and Development Authority of India, like many other agencies and for different purposes, has decided to use the Aadhaar number to achieve the objective.

The database creation began with the point of salespersons guidelines that sought to check duplication of POS enrolled by insurers and insurance intermediaries, according to Member (Non Life), P.J. Joseph. The same logic could be extended for insurance agents and trained and qualified persons of insurance intermediaries,” he said in a circular. That would include broker qualified persons, specified persons of corporate agents, authorized versifiers for web aggregators with Aadhaar number as the identifying field.

This is to be done through a portal, development of which is to be entrusted to the Insurance Information Bureau. “IIB has been asked to develop the portal for uploading Aadhaar number and other details of insurance agents,” Mr. Joseph said, advising insurers and insurance intermediaries to be ready with the information needed. A date for uploading the same would be communicated in due course