Section 5 in The Insurance Regulatory And Development Authority (Licensing Of Corporate Agents) Regulations, 2002
5. Practical training .-(1) Where an applicant is seeking license for the first time to act as a corporate agent, a corporate insurance executive of such an applicant shall have completed from an approved institution, at least, [fifty hours], practical training which may be spread over [one to two weeks] [Substituted by Notification No. IRDA/Reg/3/40/2007, dated 8.10.2007 (w.e.f. 1.11.2007). ], in either life or general insurance business as the case may be:
Provided that the corporate insurance executive of the applicant shall have completed from an approved institution, at least, [seventy five hours] [Substituted by Notification No. IRDA/Reg/3/40/2007, dated 8.10.2007 (w.e.f. 1.11.2007). ] practical training which may be spread over [two to three weeks] [Substituted by Notification No. IRDA/Reg/3/40/2007, dated 8.10.2007 (w.e.f. 1.11.2007). ] both in life and general insurance business, where such an applicant is seeking license for the first time to act as a composite corporate agent.(2)Where the corporate insurance executive of 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 Certified Associateship of Indian Institute of Bankers (CAIIB); or(h)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/3/40/2007, dated 8.10.2007 (w.e.f. 1.11.2007). ] practical training from an approved institution:Provided that such corporate insurance executive of the applicant shall have completed from an approved institution, at least, [thirty-five hours] [Substituted by Notification No. IRDA/Reg/3/40/2007, 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 corporate agent.(3)A specified person shall undergo a practical training of [not less than fifty hours] [ Substituted by Notification No. IRDA/Reg/3/40/2007, dated 8.10.2007 (w.e.f. 1.11.2007).] in life or general insurance business, as the case may be, from an approved institution. In case of training in both life and general insurance, the duration of practical training shall be [not less than 75 hours] [Substituted by Notification No. IRDA/Reg/3/40/2007, dated 8.10.2007 (w.e.f. 1.11.2007). ]. However, if he falls within one of the categories as given in sub-regulation (2) above, he shall have [completed twenty-five hours] [ Substituted by Notification No. IRDA/Reg/3/40/2007, dated 8.10.2007 (w.e.f. 1.11.2007).] from an approved institution:Provided that such a specified person of the corporate agent shall have completed from an approved institution, at least, [thirty-five hours] [ Substituted by Notification No. IRDA/Reg/3/40/2007, dated 8.10.2007 (w.e.f. 1.11.2007).]practical training in life and general insurance business, where such specified person of the corporate agent is seeking certificate for the first time which will enable him to procure both life and general insurance business.
