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HOME Life Insurance Companies Are Terminating IRDA Agents Illegally - RTI Exposure  
  Around 50 Lacs agents terminated 2006-2012 , Rs40k cr/ year profit to Insurance companies,Loss to Nation Rs9k cr per year till 20 years; Insurance companies have no power to terminate....  
  India RTI News Exclusive : 21 Nov 2013  
 

RTI Scan copy of IRDA

 
   
   
   
   
   
   
   
   
   
   
 

In India Lacs of agents are appointed by IRDA under all life insurance companies and lacs of agents are terminated by companies included LIC of India. The Insurers insist to agents to sign their  mutual agreement which provide rights to insurance companies to terminate them any time. These companies take their natural market business in 1-2 years and terminate them later due to non performance.  An RTI activist got the reply from IRDA that shows the life insurance companies have no power to appoint or terminate the insurance agents. The agreement signed by agent of ICICI Prudential life was also not approved. This illegal activity is going with silent approval of IRDA chairman J Harinarayan (Now retired) and other top officers. They don’t take objection of this illegal activity of Insurance companies. Earlier a honest officer took objection to Bajaj Allainz Life , but he faced corruption charges by Bajaj Allainz. After giving apology to top officer he saved his job. Due to this no officer in IRDA never stand up for agents interest. The top agent association are also managed by insurers , so they show protest on paper only. These association also didn’t approach any court for justice. The renewal commission of 50 lacs agents of last 6 years around Rs40000 cr / year will be sucked by insurers till 20 years. Govt.  also loosing TDS and Service tax ie.  Rs9000 Cr every year, but non of them care nation . RTI activist Sapan Shrivastava going to file another PIL at Bombay High Court in Near future . Plz call him 9869345148 to support him. He has also filed PIL at Bombay High Court for selling insurance policies without IRDA approval certificate.

 
     
     
     
     
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