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IRDA announces client persistency norms for corporate agents

Under the persistency ratio, which would be effective from 1 July 2014, IRDA has made it for corporate agents to retain 50% of their clients

New Delhi: The Insurance Regulatory and Development Authority (IRDA) on Friday came out with guidelines for persistency ratio under which it would be mandatory for corporate agents to retain 50% of their clients. The guidelines would be effective from 1 July 2014, reports PTI.

Extending the guidelines, already in place for individual agents, to the corporate agents, IRDA said the norms are applicable for those who solicit life insurance business.

“The stipulated persistency rate requirements will be effective for all corporate agency renewals that are due from 1 July 2014,” IRDA said in a circular.

For computing the persistency ratio, the policies which continue to provide insurance cover to clients after the end of premium payment (auto cover policies) can be included.

However, the policies which have already matured, or wherein death or surrender has happened, would be exempted from calculating persistency ratio for the agent.

Further, employees of both life and general insurance companies cannot engage their relatives as corporate agents.

The term relative in this case is defined as spouse, sisters, brothers, parents, sons, daughters-in-law, daughters and sons-in-law, besides spouse, dependent children or dependent step children whether residing with the employee or not.

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HC reserves verdict in MCX-SEBI case over stock exchange

During the hearing on Friday, MCX-SX lawyer said Multi Commodity Exchange and Financial Technologies India—promoters of the exchange—would give an undertaking that they were ready to bring down their collective shareholding to 5%, and it would not exceed this limit in future

Mumbai: The Bombay High Court on Friday reserved the judgement on the petition filed by MCX Stock Exchange (MCX-SX), challenging market regulator Securities and Exchange Board of India’s (SEBI) refusal to allow it to trade in stocks and other securities, reports PTI.

Last September, SEBI rejected MCX-SX’s application seeking permission to start a stock exchange, saying the bourse had not complied with the norms on shareholding structure.

During the hearing yesterday, MCX-SX lawyer said Multi Commodity Exchange (MCX) and Financial Technologies India (FTIL)—promoters of the exchange—would give an undertaking that they were ready to bring down their collective shareholding to 5%, and it would not exceed this limit in future.

The court asked if the market watchdog was ready to reconsider its stand in view of the undertaking. SEBI lawyer, additional solicitor General Darius Khambata, replied in the negative and said the court should pass the order.

The division bench of justices Dhananjay Chandrachud and Anup Mohta noted that the issue of share-holding was at the heart of the matter.

The SEBI norms restrict the promoters’ stake in the exchange, and the regulator alleged that in MCX-SX’s case, the shareholding was higher than the stipulated level.

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