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Agent's may lose licence for Mis-selling :IRDA Proposal
With many life insurers not able to retain customers due to mis-selling, the regulator IRDA has proposed that licence of an agent be cancelled if 50 per cent of the policies sold by him/her are not renewed annually.

Mis-selling refers to sale of a financial instrument without fully disclosing the pros and cons of it to an investor.

In its proposal on persistency of life policies, IRDA says the minimum first-year premium income to be procured by an agent will be Rs 1,50,000 per annum and the minimum number of policies per agent shall be 20 per annum. In case an agent fails to meet one of these two conditions, he will have to achieve proportionately more in the other norm to make up for the shortfall, it added. It also does not want spouses and close relatives of employees of insurers as agents.

In the last five years, persistency in the life insurance business has been on the decline, it says and has attributed this mainly to mis-selling. Persistency is the percentage of business retained without lapsing or being surrendered.  
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