Guidelines for Insurance Agents Training Institutes – Scope for CS

The IRDA (Insurance Regulatory and Development Authority) has issued on 1st August 2013 comprehensive guidelines on establishment/ renewal of Agents Training Institutes for both life as well as non life insurance products.

It stipulates a pre-qualification for such institutes to come into force such as proven track record of minimum 3 years, establishment as company or society or trust,  It also stipulates training period, attendance of faculty as well as students, minimum class strength etc.

The qualification of a faculty is also specified such as managerial experience for 5 years with any insurer or having any specified qualifications such as B.Tech., Degree from a recognised University or professionals such as CS, CWA, CA etc. The training centre needs to have at least one permanent full time faculty for each stream i.e. life and non-life. So there is scope for a CS to become a faculty in a Insurance Training Centre. Obviously he needs to be having insurance background and has worked in insurance field for many years in order to teach the subject. There is also a requirement that the candidate should have undergone a 3 day training workshop either with NIA, III, IIRM but this is not a hindrance. But this is a welcome move by the IRDA to recognise the CS as one of the qualifications suited for the purpose of being appointed as a faculty in an Insurance Training Centre.

The copy of the circular can be found at http://www.irda.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo2028&flag=1

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