TaxTMI 
TaxTMI 
Sale of Insurance products by tele-marketing or other distance marketing modes
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....itation as well as sale over the distance mode; and (iii) Requests by Prospects seeking information or sale of insurance products. 2. Telemarketing and Distance Marketing :- IWA desirous to carry on 'Telemarketing' and 'Distance Marketing', for the purpose of solicitation of insurance business shall :- (a) Register as a 'Telemarketer'; (b) Engage 'Authorized Verifier' as defined in regulation 3(d) of these regulations for carrying out the Telemarketing and Distance Marketing related work; (c) While considering the application, the Authority may, if it so desires, verify the information furnished by the Applicant including the supporting documents and also inspect the Applicant's offices and infrastructure; (d) The Authority may, after considering the application with reference to the matters specified in these regulations, grant Certificate of registration to the IWA to function as Telemarketer, which shall be valid for a period of three years from the date of grant of such Certificate of registration or the expiry of the registration whichever is earlier. 3. Compliance- The IWA, in addition t....
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....ers shall produce such records before the Authority in case of dispute involving alleged violation of breach of conduct by the IWA. 7. Role of Authorized Verifier :- (a) Telemarketers shall employ Authorized Verifiers, who alone are permitted for soliciting and concluding the sale of insurance products; (b) The Authorized Verifiers shall be assigned to the IWA as per the certificate issued by the Authority for the purpose of sale of insurance products; (c) Any change in such assignment shall be disclosed to the Authority and a fresh certificate to that effect shall be obtained from the Authority without which the Authorized Verifier shall not be permitted for soliciting and concluding the sale of insurance products. 8. Training of Authorized Verifier :- (a) Every authorized Verifier shall be trained at an institute as specified by the Authority; (b) The training shall be as per syllabus specified by the IFSCA in matters related to regulations, disclosures, ethical conduct of business and specific instructions to be complied with while making the calls; (c) The Authorized Verifier shall clear the post-training test to be co....
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....fits, features and disclosures under each of the products proposed to be sold over the distance modes. Solicitation under distance mode shall be in line with the standardized script; (b) The scripts shall be incorporating all the Key Features of the product and shall be approved by the compliance officers of the respective insurers. The scripts shall be filed with the Authority under Product Approval norms within fifteen (15) days by the insurer; (c) Every script shall mandatorily mention that the prospect is advised to refer to the detailed prospectus available at the website of the insurer and that the prospectus shall be sent to his email id wherever available. (d) Introduction :- (i) The communication shall clearly highlight the name of the insurer. (ii) The fact that the purpose of approach is lead generation/solicitation of insurance shall be clearly highlighted. (e) Consent of the Prospect :- (i) The Authorized Verifier shall ascertain if the Prospect is interested in continuing with the subject, and the process of solicitation shall proceed further only on receiving the consent in explicit terms; (ii) T....
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.... chargeable and applicable taxes towards a specified amount of insurance cover. (iv) The scope of cover, perils covered and not covered, exclusions, deductibles or franchise, copayments, loading/discounts on premiums, add-on covers, conditions, other terms and benefits, mid-term inclusions, short period scales, basis of sum insured, warranties, clauses and endorsements, compliance with Section 64VB(1) of the Insurance Act, 1938 - payment of premium before commencement of risk, etc, as applicable. (v) The contents of the "key features document" (KFD) as and when specified by the Authority. (vi) The right to cancel the policy within thirty (30) days of receipt of the policy in case of disagreement with the terms of the policy under all life insurance contracts and covers tied to credit/debit/other cards, and for all personal accident and health insurance policy contracts with a term of 3 years or more offered by insurers over distance mode, provided no claim has already been made on the policy. (vii) Disclosure of rates of commission available on the product solicited upon the request of the Prospect. (h) Premium Ceilings in case of sale o....
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.... The insurer and IWA shall preserve, in an unalterable and easily retrievable form, a voice/ electronic/ physical record, as applicable, of the entire process beginning with lead generation/ solicitation and concluding in sale of insurance, for a period of six (6) months beyond the term of the policy or until satisfactory settlement of claim or for a period of ten (10) years, whichever is later. Voice and electronic records shall be digitized and encrypted for storage to ensure reliability and security of the data. 14. Verification Process :- (a) IWAs shall monitor the calls live by arranging for listening to at least 1% of the calls as they happen; (b) IWAs shall verify at least 3% of calls leading to sales for compliance, by engaging a team of dedicated employees to listen to the call recordings. The observations made in the course of verification shall be preserved in a retrievable form for a period of not less than three years; (c) Insurers shall make verification calls, to monitor the quality of sales, to a minimum of 3% of the policyholders who purchase insurance over distance marketing mode, every month. The purpose of verification calls is to a....