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An insurance marketing firm (IMF) is a business entity registered with the Insurance Regulatory and Development Authority of India (IRDAI). It is engaged in the business of soliciting and procuring insurance products in collaboration with insurance companies. The IMFs are primarily governed by the Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015.
Under these regulations, it is mandatory for an IMF to appoint an Insurance Sales Person (ISP). An ISP is basically a professional employed by an IMF for the purpose of soliciting and procuring insurance products of insurers. In this blog post, we shall discuss ISP in detail, and explain their roles and responsibilities.
The definition of insurance sales person is provided under the Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015. According to the Regulation 2(9) of Chapter I (Preliminary) of these regulations, "Insurance Sales Person" (ISP) is an individual employed by Insurance Marketing Firm to solicit or procure insurance products.
Every IMF in India must mandatorily appoint an ISP. To become an ISP, the individual must have passed in 12th Class or equivalent examination from a recognized Board/Institution. Additionally, they should have undergone the IMF training prescribed by the IRDAI and qualified in the IMF Examination (IC-38) conducted by the Insurance Institute of India (III). The ISPs work on a salary and incentive basis.
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The roles and responsibilities of an ISP appointed by an IMF include the following :-
In an IMF, the role of an ISP is extremely important. They are hired by the IMF to solicit and procedure insurance products of the insurers. They narrow the divide between the insurers and customers. The ISPs work on a salary and incentive basis. To become an insurance sales person in India, an individual must have passed 12th class or equivalent examination from a recognized board/institution. In addition to this requirement, they must undergo IMF training prescribed by the IRDAI and qualify in the IMF Examination conducted by the Insurance Institute of India.
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Q1. Which regulations govern the IMF-appointed insurance sales persons in India?
A. They are governed by the Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015.
Q2. Can an individual who has passed 10th grade become an ISP in an IMF?
A. No, according to the IRDAI IMF regulations, 2015, to become an ISP in an IMF, an individual must have passed 12th grade or equivalent examination from a recognized Board/Institution.
Q3. Is it mandatory for an IMF to appoint an ISP?
A. Yes, every IMF must mandatorily appoint an ISP. In addition, an IMF must also appoint a Principal Officer (PO).
Q4. Which Institute conducts examinations for Insurance Sales Persons appointed by IMFs?
A. The Insurance Institute of India (III) conducts examinations for Insurance Sales Persons appointed by IMFs in India.
Q5. Can an IMF-appointed ISP distribute mutual funds?
A. An IMF-appointed ISP deals in insurance products. For handling non-insurance products like mutual funds, an IMF has to appoint a Financial Service Executive (FSE).
Q6. Which examination does an individual need to take to become an ISP at an IMF?
A. An individual needs to take the IC-38 examination and pass it to become an ISP at an IMF. They must also mandatorily undergo IMF training and complete it successfully.
Q7. What are the minimum passing marks for the IC-38 examination?
A. To pass the IC-38 examination, a candidate must score a minimum of 18 out of 50 marks, according to Niva Bupa’s official website. If the candidate scores below 18, they must retake the examination.
Disclaimer :- This blog post is meant for educational purposes only. While we have made every effort to provide our readers with accurate and complete information in this post, we cannot guarantee its full accuracy or completeness. We suggest the readers verify with the official sources before making any decisions. Information in this content should not be interpreted as professional, academic, business, financial or legal advice.
Hi, I'm Sachin Chawla. I’m a commerce graduate from Agra University and a Chartered Accountant (2015) with DISA certification. I focus on helping businesses with formation, management, tax and FEMA matters, business licenses and regulatory compliance, IP advisory, risk management and auditing among others. Through my articles, I aim to share my expertise and provide practical guidance in these areas.
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