Distribution of General insurance (Non-Life insurance) products of selected partner's through IPPB
F.No.6-11/2018-PB1
Government of India
Ministry of Communications
Department of Posts
Dak Bhawan, New Delhi
Daled:17.12.2020
To,All CPMsG
Madam / Sir,Sub: - Distribution of General insurance (Non-Life insurance) products of selected partner's through IPPB.
India Post Payments Bank is rolling out distribution of IRDA approved Products of Selected Non-Life insurance Point of Sales (POS) partners (Tata AIG, Bajaj Allianz General insurance & New India Assurance).
2 The aim is to reach the last mile with simple and easily understandable products. The objective is of providing easy access to insurance to people at large and to enhance insurance penetration and density. As there is a high likelihood that majority of the customers would have simple Non-Life insurance requirements of Motor, Health, Personal Accidental etc., distributing and soliciting insurance proposals from customers is proposed to be done through the POSP (point of Sale Persons) model. Training and certification of POSP is required to ensure that there are lower chances of miss-selling.
3 The distribution of POSP products is guided by the POSP guidelines as issued by IRDA. As per the IRDA Circular no. IRDA/|NT/GDUORD/1 83/10/2015 dated 26th Oct 2015 & modified version of this circular no. IRDA dated 16th March 2017 of Guidelines on Point of Sales Person Non-Life & Health, an insurance intermediary authorized to solicit and market insurance (Non-Life, Health & Life) business can engage a "Point of Sales Person" (). pOSp can be appointed by an insurance intermediary (IPPB) to sell POS products of insurers with whom the insurance intermediary (IPPB) has an agreement to distribute IRDA approved POSP Products.
4 Also, as per the attached IRDA Circular, insurance intermediary (IPPB) proposing to engage the POS shall: -
(i) Ensure that the applicant is not engaged with any other insurer or insurance intermediary by cross-checking with the database housed in insurance information Bureau (llB), Hyderabad.
(ii) Conduct an in-house training of fifteen (15) hours for the candidate
(iii) Conduct an examination after successful completion of the training.
(iv) Issue a certificate to the candidate who has passed the examination in the format attached to the circular I
(v) Engage the successful candidate as POS person by entering into a written agreement, specifying the terms and conditions. (IPPB has sought exemption approvals from IRDA and is awaiting final clearance from their side to possibly eliminate this paper based administrative leg which will be operations intensive activity)
(vi) Upload the details in the llB date-base at the end of the day.
(vii) Maintain a proper record of training and examination for at least five (5) years from the end of financial year in which these are conducted which shall be made available to the inspecting official of the Authority during on-site inspection.
5. Proposed Training Plan: lt is proposed that training of POS persons may be conducted as per following plan
(Detailed Training Plan and process is attached)
6. I am directed to request you to kindly issue instructions to all concerned in the circle so that IPPB can initiate / accelerate the Training and certification process for end users to engage as POSP agents for NON LIFE General insurance Policy Distribution.
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