Working as an Life Insurance agent for a company but want to shift to another company for good returns? Soon, you might not have to take the trouble of going through the license shifting process as IRDA is considering allowing agents selling products of more than one Insurance company. As you may know, agents are just allowed to hold license from a single company at present.
The regulator, it seems, has studied similar practises followed in other countries and expects it to do good to the agents in the country.
This move might be more useful for private insurers since more than half of (Life) Insurance agents in the country are working with LIC of India. When these people are allowed to hold multiple licenses, the private insurance companies will immediately find huge number of agents willing to sell their products.
This will also appease agents, many of whom left the business in late 2010 when the charges on ULIP’s were cut, resulting in a cut in agents’ commission.