LIAFI-SG/IRDA-105/12 21
July 2012
Shri.
J. Hari Narayan,
Chairman,
IRDA
3rd
Floor, Parisrama Bhavan,
Basheer
Bagh
HYDERABAD
500 004
Dear Sir,
Sub: Meeting with LiAFI on 19-07-2012
-reg
We thank you for patient
hearing of our views regarding a few important subjects. The following is the
gist of the discussions held.
1
Re-filing
of all existing products:
When a news item on this subject was shown to you, you spontaneously said that
the news is incorrect, and no need to panic. When we explained the chaos that
developed due to this news and requested you to issue a statement to dispel the
doubts you spoke in affirmative. We are eagerly waiting for it.
2
Reduction
in the Rate of Commission: When
we further referred to the news item of reduction in commission you clarified
that no such move is in the mind of IRDA and it will follow the Insurance Act.
3
Senior
Agency System:
We welcome your positive outlook on introduction of Senior Agency System in the
insurance industry. Our President Shri. H. M. Jain has already submitted his
views in writing which we again explained to you personally. We request you to
expedite the introduction of Senior Agency System.
4
Agents’
Welfare: IRDA is collecting Crores of rupees through
licence and renewal fees. We requested you to apportion some amount towards the
welfare of Agents in line with Bar-council of India, Indian Medical Association
and various other All India bodies. We are grateful for your assurance to do something
for the welfare of Agents.
-2-
5
Recruitment
of Agents:
We narrated the troubles being faced in
recruitment of Agents. You said that since some discipline is seen in
recruitment because of the latest procedures, it should not be disturbed.
6
Meeting
with our Representatives:
We requested you to interact with our leaders from eight zones of LIC for which
you readily accepted. Kindly indicate a date at your convenience at the
earliest.
7
Representative
from LIAFI in IRDA Advisory Committee: We requested you to induct one
representative from LIAFI in the advisory committee of IRDA. Shri. H.M. Jain is
in the committee in his personal capacity and nobody is representing LIAFI.
We impressed on you to take
us in to confidence before any proposals for brining changes in subjects
related to Agents and Policyholders. We hope you will take steps to implement
assurances given at the earliest.
Thanking you,
Sincerely yours,
For Life Insurance Agents’ Federation of India
Secretary General
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