Removal of cap on maximum credit hours per day pertaining to training requirements for Principal Officer and Insurance Sales Person(s) of Insurance Marketing Firms.
The Authority recognized Insurance Institute of India (III), Mumbai as the training institute for providing on-line training to Principal Officers (PO) and Insurance Sales Persons (ISP) of Insurance Marketing Firms (IMFs). As per the training requirements mentioned in the IRDAI (Registration of Insurance Marketing Firm), Regulations 2015 (IMF Regulations), the candidate has to download the training material and self assessment content from Learning Management System of III, Mumbai on to the Personal Computer and complete self-assessment test at the end of each module. Completion of one self-assessment test enables the candidate to earn one hour of credit. At present, the candidate can earn maximum of two hours of credit on a single day.
The Authority has been receiving requests from various stakeholders to remove the cap on maximum credit hours per day. After due consideration, it has been decided to remove the restriction on credit hours earned per day by the candidate. It is to be noted that the other conditions on training of PO and ISP shall remain the same.
The above decision is taken under the powers vested with the Authority in Section 14 (2) of IRDA Act, 1999 read with Reg. 28 of IMF Regulations.
P J Joseph
Member (Non Life)