Section 3(1) in Insurance Regulatory and Development Authority of India (Registration of Corporate Agents) Regulations, 2015
(1)These regulations shall cover Registration of Corporate Agents for the purpose of soliciting, procuring and servicing of Insurance business of life insurers, general insurers and health insurers during the validity of certificate of registration as follows,(a)A Corporate Agent (Life), may have arrangements with a maximum of three life insurers to solicit, procure and service their insurance products.(b)A Corporate Agent (General), may have arrangements with a maximum of three general insurers to solicit, procure and service their insurance products. Further, the Corporate Agent (General) shall solicit, procure and service retail lines of general insurance products and commercial lines of such insurers having a total sum insured not exceeding rupees five crores per risk for all insurances combined.(c)A Corporate Agent (Health), may have arrangements with a maximum of three health insurers to solicit, procure and service their insurance products.(d)In the case of Corporate Agent (Composite), the conditions as specified in clauses (a) to (c) shall apply.(e)any change in the arrangement with the insurance companies shall be done only with the prior approval of the Authority and with suitable arrangements for servicing existing policyholders.
