Premium collections by public sector-owned insurers increased 12 percent ma...
The member of four insurance companies viz: United India Insurance Company, National Insurance Company, The New India Insurance Company Limited and The Oriental Insurance Company Limited who formed an association “The All India General Insurance Agents Association” to identify and discuss the issues and seek clarifications and solutions, met in their first national conference held at Madhurai.
Nearly 100 agents from the state of Kerala and Tamil Nadu participated in this conference. Mr. Vivekanandam – Executive President of the association said that this association was formed as there was no union to listen to their problems and arrive at the solution. These agents were not allowed a third party commission and the rules for the regular commission are also much uninformed. He further said that the agents has approached market regulator Insurance Regulatory and Development Authority and taken up the said issue with them.
Mr. V. Pitchai, District Secretary, Centre of Indian Trade Union – guest of honour at the conference said that social security benefits are required for the insurance agents. Of all the persons involved, agents are the most important source of generating business and contributing to the success of the company and hence they are entitled to the regular benefits. He further revealed that many insurance companies have paid dividend to the government in totality to the tune of Rs. 2,200 crores.
Mr. V. Rahgunathan, at the time of releasing the souvenir said that the insurance agents are the back of any insurance company and hence entitled to much more benefits.