Section 13 in The Insurance Regulatory And Development Authority (Licensing Of Corporate Agents) Regulations, 2002
13. Non-application to existing insurance agents .-(1) A corporate agent who has been issued a corporate agent license prior to the commencement of these regulations shall exercise the option of either continuing with the existing license till the expiry of the license so granted or surrender the existing license and apply for a new license in terms of regulation 3.
(2)A person holding an individual insurance agent's license who wishes to become a corporate agent shall surrender the individual license and apply afresh as per regulation 3.
