Section 7 in The Insurance Regulatory And Development Authority (Micro-Insurance) Regulations, 2005
7. Code of conduct of micro-insurance agents.-
(1)Every micro-insurance agent and specified person employed by him shall abide by the code of conduct as laid down in regulation 8 of the Insurance Regulatory and Development Authority (Licensing of Insurance Agents) Regulations, 2000, and the relevant provisions of Insurance Regulatory and Development Authority (Insurance Advertisements and Disclosure) Regulations, 2000:Provided that the insurer shall ensure compliance of the code of conduct, advertisements and disclosure norms by every micro-insurance agent.(2)Any violation by a micro-insurance agent of the code of conduct and/or advertisement or disclosure norms as aforesaid shall lead to termination of his appointment, in addition to penal consequences for breach of code of conduct and/or advertisement or disclosure norms pursuant to the provisions of sub-regulation (1).
