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  Finance Ministry Investigating IRDA Agent Training Syallabus  
HOME Deal between IIRM hyderabad and CII London UK  
 

Source : Expert from Finance

Mumbai : 09 Oct 2013

 
 
 
   
   
   
   
   
   
   
   
   
   
 

Read the Indian Express report

DOWNLOAD -Finance Ministry Investigation - by Indian Express

IIRM IRDA real facts!

In the Year 2003 CII London has given exemption to IIRM Hyderabad diploma course for 6 papers. If a person has passed IIRM Diploma  course he need not write all the papers of CII London .In 2004 CAG in audit report has mention that IIRM is not properly constituted and to a parliamentary question reply  also IRDA has mention that under section 14 of the IRDA act,  Irda don’t have power to constitute IIRM.


In the year 2004-05 CII London came to know about this and they wanted to withdraw their association with a tented origination like IIRM. The than Chairman of the IRDA and IIRM Mr C S Rao has nominated Shri  Vepha Kamasan (EX. Deputy Governor OF RBI) to head the IIRM as MD to manage the affairs with CII London. Mr Vepha Kamasen has visited the CII London office many times to sort out the problem.


When Mr J. Harinaryan has taken charge of IIRM and IRDA Chairman, the matter was brought before him. Mr Harinaryan has given a excellent solution to the problem by giving the work of insurance agent syllabus revision to  CII London (previously with Insurance institute of India) a lum sum payment of 50000 ponds  to CII & for future an amount to about 3 crore rupees as royalty per year was promise from insurance agent exam was promised if CII will not disturb the   exemption to IIRM Hyderabad diploma course for 6 papers.

The modus operand of Mr  Vepha Kamasen and Mr J. Harinaryan is on the bases of their sub-standard  diploma course force the industry to come for campus recruitment. And the students after doing one year course are getting a package of around 25 lakh per annum in insurance companies.  As Chairman of IRDA and IIRM  Mr Harinaryan  was having conflict of interest, hence force the insurer to recruit students from IIRM only with a hefty package. The touts of IIRM collect kick  back from the students and shared  with  ????   At the age of 70 Mr Hari naryan has  continued  him as MD of IIRM. Since it is a will for all no one complaints.


The great thing about the course, is the CII London has out sourced the preparation of course to a pune base company handed by Mrs. Vandana Poria Saxana for some lacs of rupees.

Matter to be  investigated by govt.  to know the real fact for misuse of Policy holder money which IRDA is not sharing with Government of India corpus fund. 

 

 
  RTI on CII and IIRM Download  
     
     
     
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