An agent can be a part of board of insurance companies: IRDAI

Irdai has allowed appointment of insurance agents and intermediaries on the board of an insurance organisation.

But, the regulator has put a few conditions to guard the interest of policyholders and avoid battle of interest. Let us look at them:

. Insurers will ought to are looking for approval before appointing an agent or middleman on board of insurance corporation

. A decision must be passed through the present board before appointing an agent or middleman

. Insurers cannot pay any remuneration to agent or intermediary in lieu of becoming a board member. But, they are able to pay sitting costs to appointed agent or intermediary

. The board will ought to make sure that there’s no battle of interest in this appointment