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    Mrs - Priyanka Rameshwar Ranbhare, BA0000481756

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    hiteshmohakar15
    Priyanka Rameshwar Ranbhare has been appointed as a Composite Insurance Agent by Star Health and Allied Insurance Company Ltd. The letter outlines the terms of the appointment including requirements to undergo training, achieve sales targets, adhere to regulations and code of conduct, and details on compensation and termination. The agent must comply with insurance laws and can have their appointment cancelled for violations or non-compliance.

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    © All Rights Reserved
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    Mrs - Priyanka Rameshwar Ranbhare, BA0000481756

    Uploaded by

    hiteshmohakar15
    23 views4 pages
    Priyanka Rameshwar Ranbhare has been appointed as a Composite Insurance Agent by Star Health and Allied Insurance Company Ltd. The letter outlines the terms of the appointment including requirements to undergo training, achieve sales targets, adhere to regulations and code of conduct, and details on compensation and termination. The agent must comply with insurance laws and can have their appointment cancelled for violations or non-compliance.

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    BA0000481756-LOA

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    Priyanka Rameshwar Ranbhare has been appointed as a Composite Insurance Agent by Star Health and Allied Insurance Company Ltd. The letter outlines the terms of the appointment including requirements to undergo training, achieve sales targets, adhere to regulations and code of conduct, and details on compensation and termination. The agent must comply with insurance laws and can have their appointment cancelled for violations or non-compliance.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    23 views4 pages

    Mrs - Priyanka Rameshwar Ranbhare, BA0000481756

    Uploaded by

    hiteshmohakar15
    Priyanka Rameshwar Ranbhare has been appointed as a Composite Insurance Agent by Star Health and Allied Insurance Company Ltd. The letter outlines the terms of the appointment including requirements to undergo training, achieve sales targets, adhere to regulations and code of conduct, and details on compensation and termination. The agent must comply with insurance laws and can have their appointment cancelled for violations or non-compliance.

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    04-Mar-2020

    To
    Mrs.PRIYANKA RAMESHWAR RANBHARE,
    BA0000481756,
    Galli No 5 Kathar Niwas,
    New Gajanan Colony,
    Garkheda Parisar,
    Aurangabad-431001.
    Aurangabad.
    Mobile:9145382311.

    Madam,

    Sub: Letter of Appointment to act as Composite Agent (Health Insurance)

    1. We refer to your application in Form 1B requesting for appointment to act as a Composite Insurance Agent
    of our company and are pleased to appoint you as an Agent of Star Health and Allied Insurance Company Ltd
    (herein after called as Company) for the purpose of soliciting or procuring insurance business including
    business relating to continuance, renewal or revival of policies of insurance.You have been allotted agency
    code number BA0000481756 and attached to our Branch Office - Aurangabad (151115).

    2. Your appointment as Insurance Agent in the Company is subject to the regulations prescribed under
    Insurance Regulatory and Development Authority of India (Appointment of Insurance Agents) Regulations
    2016 (herein after called as Regulations).

    3. You shall undergo required product or such other training from time to time as may be prescribed by the
    Company.

    4. As an Agent of the Company, you will be paid commission on the business procured by you at the rates
    specified under the Insurance Act or notified by IRDAI (herein after called as Regulator) by from time to time.
    However, the Company reserves the right to vary, alter and change the rates of commission subject to the rules
    & regulations mentioned above.

    5.You are required to achieve a minimum business target of 1 fresh policies with a premium of not less than
    Rs.5,000 per year or as would be specified by the Company from time to time.

    6.In case of your performance not being satisfactory, the Company reserves the right to take appropriate action
    including termination of appointment.

    7.Being an Agent of the Company, based on business performance during the year, you are eligible for
    Company's Club Membership.

    q
    8.(1)While discharging the functions as Agent, you shall adhere to the code of conduct
    specified below,

    i.Identify yourself as an Insurance agent of the Company;

    ii.Show the agency identity card to the prospect, and also disclose your agency
    appointment letter to the prospect on demand;

    iii.Disseminate the requisite information in respect of insurance products offered for sale
    by the Company and take into account the needs of the prospect while recommending a
    specific insurance plan;

    iv.Where you represent more than one Insurance Company offering same line of
    products, you should dispassionately advice the policyholder on the products of all
    insurers whom you are representing and the product best suited to the specific needs of
    the prospect;

    v.Disclose the scales of commission in respect of the insurance product offered for sale,
    if asked by the prospect;

    vi.Indicate the premium to be charged by the Insurer for the insurance product offered
    for sale;

    vii.Explain to the prospect the nature of information required in the proposal form by the
    insurer, and also the importance of disclosure of material information in the purchase of
    an insurance contract;

    viii.Bring to the notice of the Company every fact about the prospect relevant to
    insurance underwriting including any adverse habits or income inconsistency of the
    prospect, within your knowledge in the form of a report called "Insurance Agent's
    Confidential Report" along with every proposal submitted to the company wherever
    applicable and any material fact that may adversely affect the underwriting decision of
    the insurer as regards acceptance of the proposal,by making all reasonable enquiries
    about the prospect;

    ix.Obtain the requisite documents at the time of filling the proposal form with the
    Company; and other documents subsequently asked for by the Company for completion
    of the proposal;

    x.Advise every prospect to effect nomination under the policy;

    xi.Inform promptly the prospect about the acceptance or rejection of the proposal by the
    Company;

    xii.Render necessary assistance and advice to every policy holder on all policy servicing
    matters including assignment of policy, change of address or exercise of options under
    the policy or any other policy service, wherever necessary;

    xiii.Render necessary assistance to the policy holders or claimants or beneficiaries in


    complying with the requirements for settlement of claims by the Company.

    q
    (2).During your tenure as agent, you shall not:

    a)Solicit or procure insurance business without being appointed to act as such by the
    Company;

    b)Induce the prospect to omit any material information in the proposal form;

    c)Induce the prospect to submit wrong information in the proposal form or documents
    submitted to the Company for acceptance of proposal;

    d)Resort to multilevel marketing for soliciting and procuring insurance policies and/or
    induct any prospect/policyholder to join a multilevel marketing scheme;

    e)Behave in a discourteous manner with the prospect;

    f)Interfere with any proposal introduced by any other insurance Agent;

    g)Offer different rates, advantages, terms and conditions other than those offered by your
    Company;

    h)Demand or receive a share of proceeds from the beneficiary under an insurance


    contract;

    i)Force a policyholder to terminate the existing policy and to effect a new policy from
    him within three years from the date of such termination of the earlier policy;

    j)Apply for fresh agency appointment to act as an insurance agent, if your agency
    appointment was earlier cancelled by the designated official, and a period of five years
    has not elapsed from the date of such cancellation;

    k)Become or remain a director of any insurance Company.

    9.You shall with a view to conserve the insurance business already procured through you,
    make every attempt to ensure remittance of the premiums by the policy holders within the
    stipulated time, by giving notice to the policy holder orally and in writing.

    10.As an insurance agent if you act in contravention of the provisions of the insurance act and
    Regulations made there under shall be liable to a penalty which may extend to ten thousand
    rupees.

    11.Authority’s right to inspect: The Authority may appoint one or more of its officers as an
    “Investigating Officer” to undertake inspection of affairs of an Insurance Agent, to ascertain
    and see whether the business is carried on by him as per the Act, Regulations and instructions
    issued by the Authority from time to time, and also to inspect the books of accounts, records
    and documents of the Agent.Provided such inspection will be limited to the matters pertaining
    to insurance business undertaken by the Insurance Agent.

    12.Your appointment as an Agent may be cancelled or suspended after due notice and after
    giving a reasonable opportunity of being heard if you,

    q
    a.Violate the provisions of the Insurance Act, 1938 (4 of 1938), Insurance Regulatory
    and Development Authority Act, 1999(41 of 1999) or rules or regulations, made there
    under as amended from time to time;

    b.Attract any of the conditions for disqualification stipulated under Section 42 (3) of the
    Act;

    c.Fail to comply with the code of conduct stipulated under clause 7;

    d.Violate terms of the appointment;

    e.Fail to furnish any information relating to your activities as an Agent as required by the
    Company or the Authority;

    f. Fail to comply with the directions issued by the Authority;

    g.Furnish wrong or false information; or conceals or fails to disclose material facts in the
    application submitted for appointment of Agents or during the period of its validity;

    h.Do not submit periodical returns as required by the Company/ Authority;

    i.Do not cooperate with any inspection or enquiry conducted by the Authority;

    j.Fail to resolve the complaints of policy holders or fails to give a satisfactory reply to
    the Authority in this behalf;

    13.If you wish to surrender your agency with our Company; you shall surrender your
    appointment letter and identity card to the designated official of the Company. The Company
    shall issue the cessation certificate within a period of 15 days from the date of resignation or
    surrender of appointment.

    14. You will be issued an identity card by the Company along with the appointment letter.

    For Star Health and Allied Insurance Company Limited.

    Designated Officer

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