Code of Conduct for Corporate Insurance Agent License holder

  • January 06, 2023
  • Registrationwala
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Every Corporate Insurance Agent license holder must abide by the code of conduct as specified by the IRDAI, i.e., the Insurance Regulatory and Development Authority of India. We have discussed most of these regulations in this article. Let us look at them one by one.

Duties of a Corporate Insurance Agent License Holder

Acts of Ommission & Commission for ISPs

A licensed Corporate Agent must be responsible for all acts of omission as well as the commission of its corporate insurance executive and every specified person.

Arrange Training for Insurance Executives

A Corporate Agency certificate holder must ensure that the insurance executive and all the specified persons are adequately trained, skilled, and knowledgeable in the insurance products they market.

Communicating with ISPs

A Corporate Agent Registration must ensure that the corporate insurance executive, as well as the specified person, does not make to the prospect any misrepresentation of policy benefits and returns available under the policy.

No Forced Insurance Purchase

A Corporate Agent must ensure that no prospect is forced to buy an insurance product under its watch.

Advice to Insurers

A Corporate Agent must give the insured adequate pre-sales and post-sales advice regarding the insurance product.

Providing Support to the Policyholders

A CA license holder must extend all possible help and cooperation to an insured in completing all formalities and documentation in case of a claim.

Extending Publicity to the Insurer

Also, a licensed Corporate Agent must give due publicity to the fact that the Corporate Insurance Company does not underwrite the risk or act as an insurer.

Entering into Service-Level Agreements with the Insured

A licensed Corporate Agent must enter into service-level agreements with the insurer in which they both articulate their respective duties and responsibilities.


How must a Corporate Insurance Agent License holder conduct itself in the market?

Every Insurance Corporate Agent, Corporate Insurance executive, and a specified person must also follow the Code of Conduct specified below:

Representation & Disclosure

Each of them must identify himself and the insurance company he represents. They must also disclose their license or certificate to the prospect on demand.

Information Dissemination by the Corporate Agent

Each of them must disseminate the requisite information regarding insurance products his insurer offers. Also, they must consider the prospect's needs while recommending a specific insurance plan. They must also disclose the commission scales concerning the insurance product offered for sale if the prospect asks.

Premium Indication

Each of them must indicate the premium the insurer charges for the product offered for sale.

Proposal by the Insurers

The Agency must explain the information required to the prospect by the insurer. Also, they must explain the importance of disclosure of material information in purchasing an insurance contract.

Issuing a warning to the Insurers

The Corporate Agent must notify the insurer of any adverse habits or income inconsistency of the prospect. Also, the notice must be in the form of a report (called "Insurance Agent's Confidential Report"). This report must be along with every proposal submitted to the insurer. Lastly, Any material fact may adversely affect the insurer's underwriting decision. The decisions can be regarding the acceptance of the bid by making all reasonable inquiries about the prospect.

He must also promptly inform the prospect about the insurer's acceptance or rejection of the proposal.

Requisite Documentation

The CA must obtain the requisite documents when filing the proposal form with the insurer. Also, the CA must submit the other documents subsequently asked for by the insurer to complete the proposal.


The Corporate Agent must render necessary assistance to either the policyholders or the claimants and beneficiaries in complying with the insurer's requirements for the settlement of claims.

Guidance to the Policyholder

Each of them must advise every policyholder to effect nomination or assignment or change of address or exercise of options, as the case may be, and finally offer necessary assistance on this behalf, wherever necessary.

To learn how to become a Corporate Insurance Agent in India, connect with the IRDAI experts at Registrationwala.

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