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Industry : Insurance
Functional Area : Business Policy
Activity: Question posted: 12 14 2009 09:51:08 +0000, 2 answers, 239 views, last activity 07 06 2010 20:18:08 +0000
 
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Where will a agent go if an insurance company (private) gives new agency code on renewal of license of an agent and the insurance co. is not ready to give back his old agency code and the agent is associated with the company fromĀ  2005.

 
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I did not understand your 'code' business.

If I understand your question correctly, it is not giving back the old or new code. On renewal of license, I don't think his agency code changes. Assuming that the company gives new code, it is based on his renewed license, i would like to add following points:

1. Whether the insurance comapny gives renewal commission for the policies solicited by the agent on old code? If it is paid, there is no problem at all. If it is not paid, the agent can always demand it. Code is only an atministrative thing.

2. In any case, since based on his license (whether renewed or original, it is only one license), the agency is in existence, the question of an agent getting another insurance company's agency does not arise.

You are saying that the agent is with the company from 2007. As far as I know, the license is valid for three years, and I don't know how come it has come to renewal license before completion of 3 years. I think there is something wrong or fishy in what you are saying.



  Answered by     Arunangshu Choudhury, Agent, L.I.C  | 01 07 2010 11:57:35 +0000
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This is pure cheating and fraud.I f the private life insurance company has stopped your renewal commission for the business done between 2005-2008,saying that your old code has lapsed.then you can certainly take the matter up with I.R.D.A.

 
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