X is an individual, non-Indian, non-citizen and non-resident of India and controls a group of organizations engaged in the financial sector located outside India. He intends to set up a life insurance company in India an
CS Professional · Insurance - Law and Practice · PYQS · June 2018
X is an individual, non-Indian, non-citizen and non-resident of India and controls a group of organizations engaged in the financial sector located outside India. He intends to set up a life insurance company in India and after due diligence has decided to align himself with an Indian Company. The negotiated terms and conditions of the joint venture agreement are as under: The proposed insurance company plans to recruit a number of persons from the Indian market, train them in the marketing of insurance products and appoint them as agents for marketing of the policies.
Answer & Explanation:
(x) Recruitment of persons from Indian market and training them for marketing of insurance products as agents of the company will also be permitted if these persons to be appointed as agents of the company fulfill the requirements to be appointed as agents. They are required to be provided with practical training, pass the exams conducted by IRDAI for life insurance agents, pay the prescribed fees as required and obtain the certificate to act as Life insurance agents.
Topics: Insurance Law and Regulation
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