(a) whether the Insurance Regulatory and Development Authority (IRDA) has directed LIC to revamp its agent force of over six lakh;
(b) if so, the details thereof;
(c) whether the LIC has asked its agents to fall in line with new rules;
(d) if so, the details thereof;
(e) the details of the new standards fixed for the agents; and
(f) the extent to which the turn over of LIC is likely to be increased consequent upon a renovation of agent force?
MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI BALA SAHEB VIKHE PATIL)
(a)&(b): The Insurance Regulatory and Development Authority would be specifying the model agents regulations which have to be followed by all life insurance including Life Insurance Corporation of India. The IRDA has informed that they had discussed the draft agents regulations with LIC of India. They have also requested LIC to arrange its recruitment programme in conformity with the new agents regulations when they are brought into effect.
(c) to (f): LIC has informed that the existing agents are not going to be adversely effected by the new provisions of the agents regulations as far as qualification and practical training is concerned. However, the provision regarding Code of Conduct that may be framed by the IRDA will be applicable to them. LIC feels that the business of the Corporation will keep its pace as market will also expand when the sector is opened for other players.