Section 5 in The Insurance Regulatory And Development Authority (Micro-Insurance) Regulations, 2005
5. Appointment of micro-insurance agents.-
(1)A micro-insurance agent shall be appointed by an insurer by entering into a deed of agreement, which shall clearly specify the terms and conditions of such appointment, including the duties and responsibilities of both the micro-insurance agent and the insurer:Provided that before entering into every such agreement, the same shall be got approved by the head office of the insurer.(2)A micro-insurance agent shall not work for more than one insurer carrying or life insurance business and one insurer carrying on general insurance business.(3)The deed of agreement referred to in sub-regulation (1) shall specifically authorise the micro-insurance agent to perform one or more of the following additional functions, namely:--(a)collection of proposal forms;(b)collection of self declaration from the proposer that he/she is in good health;(c)collection and remittance of premium;(d)distribution of policy documents;(e)maintenance of register of all those insured and their dependants covered under the micro-insurance scheme, together with details of name, sex, age, address, nominees and thumb-impression/signature of the policyholder;(f)assistance in the settlement of claims;(g)ensuring nomination to be made by the insured;(h)any policy administration service.(4)The micro-insurance agent or the insurer shall have the option to terminate the agreement referred to in sub-regulation (1), after giving a notice of three months by the party intending to terminate the agreement:Provided that no such notice shall be necessary, where the termination is on account of any misconduct or indiscipline or fraud committed by the micro--insurance agent.
