Circular IRDAI/CIR/2025/2569 of the Insurance Regulatory and Development Authority of India dated 21st July, 2025 on the sale of insurance products at a point of sale [C1Q-D5V]

IRDAI/CIR/2025/2569

Insurance Regulatory and Development Authority of India

Hyderabad, dated the 21st July, 2025

CIRCULAR

To

All Investigating Officers,

Subject: The sale of insurance products at a point of sale by points of sales person under the Insurance Regulatory and Development Authority Act, 1999, regarding.

In exercise of the powers conferred by section 9 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Insurance Regulatory and Development Authority of India hereby issues the following

1. References have been received seeking clarification on the manner in which section 9 applies to the sale of insurance products at a point of sale by points of sales person.

2. The matter has been examined. Every point of sales person carrying on the sale of insurance products at a point of sale shall make an application in Form IRDA-1 to the Insurance Ombudsman within forty-five days, accompanied by a fee of two thousand rupees.

3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which the sale of insurance products at a point of sale is undertaken, and the Insurance Ombudsman shall dispose of it within forty-five days of its receipt.

4. Difficulties, if any, in the implementation of this circular may be brought to the notice of the Insurance Regulatory and Development Authority of India.

(Chief General Manager)