Magazine date:
Nov 2014 Since 2012, insurance and reinsurance companies along with intermediaries have been required to apply for license online. The deadline for application submission for 2015 was set at the end of September 2014.
Insurance agents have been subjected to this procedure for the first time, with nearly a thousand agents failing to meet the requirement. The insurers they represent have not provided them with documents proving their partnership.
Insurers, oftentimes of second class status, deal with agents who do not have license. The cost sustained for failing to obtain license doubles in case of the deadline for application has not been honored.