Section 5 in The Insurance Regulatory And Development Authority (Licensing Of Insurance Agents) Regulations, 2000
5. Practical training .-(1) The applicant shall have completed from an approved institution, at least, [fifty hours ]practical training in life or general insurance business, as the case may be, which may be spread over [one to two weeks] [Substituted by Notification No. IRDA/Reg/2/39/2007, dated 8.10.2007 (w.e.f. 1.11.2007). ], where such applicant is seeking license for the first time to act as insurance agent:
Provided that the applicant shall have completed from an approved institution, at least, [seventy-five hours] [Substituted by Notification No. IRDA/Reg/2/39/2007, dated 8.10.2007 (w.e.f. 1.11.2007). ] practical training in life and general insurance business, which may be spread over [two to three weeks] [Substituted by Notification No. IRDA/Reg/2/39/2007, dated 8.10.2007 (w.e.f. 1.11.2007). ], where such applicant is seeking license for the first time to act as a composite insurance agent.(2)Where the applicant, referred to under sub-regulation (1), is-(a)an Associate/Fellow of the Insurance Institute of India, Mumbai;(b)an Associate/Fellow of the Institute of Chartered Accountants of India, New Delhi:(c)an Associate/Fellow of the Institute of Costs and Works Accountants of India, Calcutta;(d)an Associate/Fellow of the Institute of Company Secretaries of India, New Delhi;(e)an Associate/Fellow of the Actuarial Society of India, Mumbai;(f)a Master of Business Administration of any Institution/University recognised by any State Government or the Central Government; or(g)possessing any professional qualification in marketing from any Institution/University recognised by any State Government or the Central Government, he shall have completed at least, [twenty-five hours] [Substituted by Notification No. IRDA/Reg/2/39/2007, dated 8.10.2007 (w.e.f. 1.11.2007). ] practical training from an approved institution:Provided that such applicant shall have completed from an approved institution, at least [thirty-five hours] [Substituted by Notification No. IRDA/Reg/2/39/2007, dated 8.10.2007 (w.e.f. 1.11.2007). ] practical training in life and general insurance business, where such applicant is seeking license for the first time to act as a composite insurance agent.(3)An applicant, who has been granted a license after the commencement of these regulations, before seeking renewal of license to act as an insurance agent, shall have completed, at least twenty-five hours practical training in life or general insurance business, as the case may be, from an approved institution:Provided that such applicant before seeking renewal of license to act as a composite insurance agent shall have completed from an approved institution, at least, fifty hours' practical training in life and general insurance business.
