HYDERABAD, October 28, 2015
Insurance Regulatory and Development Authority of India (IRDAI) has come out with elaborate guidelines on Point of Sales (PoS) person, who sells non-life products such as motor and home insurance.
In doing so, it has mandated that such representatives be identified by their Aadhaar (unique identity) number or PAN (Permanent Account Number) cards.
As per the guidelines, announced on Monday, the PoS person can sell only pre-underwritten products. This comprises motor comprehensive insurance package policy for 2-wheeler, private car and commercial vehicles; third-party liability policy for such vehicles; and personal accident, travel insurance and home insurance policies besides any other policy specifically approved by the regulator. Every policy sold through the representative would have to be separately identified, by the insurance firm, and pre-fixed with POS followed by name of product. With the intervention needed for sale of pre-underwritten products minimal, the training and examination for such representatives could be of a lesser degree, the Authority said stipulating that a POS person should be at least 10{+t}{+h}class pass.
Either the insurance company or the insurance intermediary for whom the representatives work should sponsor them to the National Institute of Electronics and Information Technology (NIELIT) for undergoing online training specified for POS Person. On clearing its online examination, the Institute would certify them. While renewing the certificate conduct of the POS Person on their rolls will be considered.