Insurance Marketing Firm: What makes you eligible for an IMF?

Insurance Marketing Firm Eligibility

An Insurance Market Firm in India must not suffer any disqualifications specified under the IRDA IMF (Insurance Regulatory and Development Authority of India - Insurance Marketing Firm) Regulations Act. Any business entity that wants to register itself as an Insurance Marketing Firm (IMF) must fulfil the following conditions to make them eligible for IMF registration:

Principal Officer: Examination & Training

The principal officer of the applicant IMF must have undergone the required training and also passed the examination as specified by the Authority. In addition, the principal officer of the applicant IMF must not violate the duties and responsibilities specified by the Authority.

IRDAI provisions for Insurance Market Firm in India

An Insurance Market Agency in India must comply with all the applicable provisions of the following:

• Amended IRDA IMF Act and its respective rules, regulations, circulars, and guidelines.
• SEBI Investment Advisers Regulations of 2013
• SEBI's (Securities and Exchange Board of India) Certification of Associated Persons in Securities Markets Regulations of 2007.
• Regulations issued by other regulatory authorities such as SEBI, PFRDA, RBI, and Post Office, wherever applicable

Financial Services Executive in an Insurance Marketing Firm

A Financial Services Executive (FSE) is an individual whom the Insurance Firm (IMF) employs, who also holds a license that a financial sector Regulator issues to market the products like mutual funds, pension funds, and other financial products which the Investment Advisors distributes. The Authority permits the distribution of Banking products or other financial products or activities by the Department of Posts. An Insurance Sales Person (ISP) is an individual employed by IMF to solicit as well as procure insurance products.

Certification Requirement: The Certificate requirements of such entities are as follows:

Engagement: An IMF can engage individuals to market insurance as well as financial products specified under the IRDA IMF regulations.

Restrictions: The IRDAI doesn't permit the Insurance Marketing Firm to market other financial products other than the financial products.

Insurance Solicitation for an Insurance Marketing Firm

ISPs engaged by the IMF can solicit as well as procure insurance products of those insurers with whom the IMF has entered into a tie-up/agreement.

Authorization: Financial Services Executives engaged by the IMF to market financial products must, above all, possess a legal permit from a financial regulator in the market.

FSE Regulations: Financial Services Executives must be governed by the regulations of the respective Financial regulators. Accordingly, the FSEs must be responsible for any act of omission and commission and be subject to any disciplinary action initiated by the Regulatory Authority.

Insurance Sales Person Qualifications & Training

An Insurance Sales Person must possess the minimum qualification of:

• Must have been passed in 12th Class or equivalent examination from a recognized Board/Institution
• Must have undergone the Insurance Marketing Firm Training as prescribed by the IRDAI; also qualified for the IMF examination from an institution recognized by the Authority
• Should be residents in the area of Registration of IMF

Training

The Insurance Sales Person of an IMF must undergo the required training, examination, and certification, as prescribed for the Principal Officer of the said Insurance Marketing Firm.

Financial Service Executive Qualifications

FSEs engaged by an IMF to market other financial products must possess valid licenses. The IRDAI issues such certificates or authorizations as they are empowered to do so.

FSE Qualification

An FSE deployed in the IMF must meet the necessary training, qualifications, experience, and other requirements. The IMF must undertake these requirements for the line of activity on an ongoing basis. Also, to fully comply with applicable laws, regulations, rules, guidelines, circulars, etc.

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