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CS Professional · Banking and Insurance - Laws and Practice · Professional Opportunities

Suresh, a retired bank officer, wants to start earning by soliciting life policies for one insurer as an individual agent. Which statement correctly reflects the nature of this career path?

Suresh must be licensed or appointed under the IRDAI framework and can solicit only for the insurer that appointed him. An individual agent cannot sell any insurer's products freely, is not an IRDAI employee, and does not perform the claim assessment work of a surveyor.

  1. AHe must be licensed or appointed under the IRDAI framework and can solicit only through the insurer that appointed himCorrect
  2. BHe can sell any insurer's policies without any appointment
  3. CHe becomes an employee of IRDAI
  4. DHe can settle claims on the insurer's behalf as a surveyor

Explanation

An individual agent must hold a valid licence or authority under the IRDAI framework, typically after prescribed training and examination, and works under appointment by the insurer. An agent cannot sell for any insurer freely, is not an IRDAI employee, and does not act as a surveyor on claims.

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