Every Licensed Corporate Agent must abide by the code of conduct specified below:
Responsibilities of a Corporate Agent
Commission
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.
Training
A licensed Corporate Agent must ensure that the corporate insurance executive, as well as all the specified persons, are adequately trained, skilled, and knowledgeable in the insurance products they market. Read More: Corporate Agent License
Clear Communication
A Corporate Agent 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.
Delivery
A Corporate Agent must ensure that no prospect is forced to buy an insurance product.
Advice
A CA licensed holder must give adequate pre-sales and post-sales advice to the insured regarding the insurance product.
Support
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.
Delegation
Also, a licensed Corporate Agent must give due publicity to the fact that the corporate agent does not underwrite the risk or act as an insurer.
Agreement 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.
Corporate Agent’s Conduct with the Authority
Every corporate agent or a corporate insurance executive, or a specified person must also follow the code of conduct specified below: Read More: PPI License
Representation
Each of them must identify himself and the insurance company he is a representative of.
Disclosure
Each one of them must disclose his license or certificate to the prospect on demand.
Information Dissemination
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.
Each one of them must disclose the scales of commission in respect of the insurance product offered for sale if asked by the prospect.
Premium
Each one of them must indicate the premium that the insurer charges for the insurance product offered for sale.
Proposal by the Insurers
Each one of them must explain the nature of information required to the prospect by the insurer. Also, they must explain the importance of disclosure of material information in the purchase of an insurance contract.
Warning to the Insurers
Each one of them must bring to the notice of the insurer 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. Read More: RNI Registration
Result
Each of them must promptly inform the prospect about the insurer’s acceptance or rejection of the proposal.
Requisite Documentation
Each one of them 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 for completion of the proposal.
Assistance
Each one of them must render necessary assistance to either the policyholders or the claimants and beneficiaries in complying with the requirements for settlement of claims by the insurer;
Guiding 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.
