IDRA will prepare a database of insurance agents

As the list of insurance agents is very similar, IDRA, the regulator of the insurance sector, has taken the initiative to prepare a database centrally. For this, the authorities have asked for a list of agents within the next 7 working days.

Thursday (June 24, 2021) Director of Authority (Deputy Secretary) said. The Insurance Development and Regulatory Authority (IDRA) has sent a letter signed by Shah Alam to the country’s life and non-life insurance companies.

The IDRA says there is a wide discrepancy between the list of insurance agents supplied by the authorities to the insurance companies and the list of licensed insurance agents issued by the authorities.

In this situation, in the interest of ensuring transparency and accountability in the insurance sector, the authorities are going to prepare a database of ‘Stay of the Art Technology’ for all insurance agents centrally.

For this, the total number of insurance agents of each insurance company, number of agents who have completed 72 hours of training, number of agents licensed by the authority, number of agents trained for two days for renewal of license and number of agents licensed by the authority should be sent.

Sunbd/NJ