How to get NOC for Life Insurance Agency Transfer?

[PolicyWala]

As per the new regulations, if any agent wants to stop selling policies of one company and shift to another insurer, he has to get a no-objection certificate from his original company.

First, contact the Agency Officer of the Insurance company, submit all the documents e.g. Agent Quitting Form, Photocopy of Agency Licence and any other document as required by Agency Officer.

NOC issuance will take lots of time. An NOC would be extremely difficult, considering the onerous responsibilities imposed on insurance companies for granting an NOC. First, the insurance company has to get contact details of all the agent's policyholders. The insurance company also in turn has to ensure an alternative service arrangement for all these policyholders.

These arrangements, the regulator has said, should go beyond a call centre facility, which is also an essential requirement. Insurance companies have been asked to intimate to each policyholder that their agent has quit and there are alternate arrangements being made to service them.

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[>take]

Firstly, the agent has to submit details of all his policyholders including their contact details. The insurance company, in turn, has to ensure an alternative service arrangement for all those policyholders. Companies have also been asked to withhold renewal commissions of those agents, who quit before completing five years of services.

After Life Insurance Company received your request for the NOC. As per the IRDA defined process, Life Insurance Company would need to initiate the Transfer Request on IRDA portal, post which we will be able to complete the formalities.

Among other things, the life company has to ensure that there is an alternate arrangement for taking care of the policies orphaned by any agents exit.

Keep following the Life Insurance Company.

If it doesnot work complaint to IRDA.

[PolicyWala]

These two old threads are also helpful -
1- ICICI Pru Agent licence transfer to LIC
2- Transfer my agent's license