IRDAI introduces self-deactivation facility over IIB’s ENVOY portal for insurance salespersons working for the insurance industry

The Insurance Regulatory and Development Authority of India (IRDAI) has enabled a new provision for self-deactivation over IIB’s ENVOY portal maintained by Insurance Information Bureau (IIB), which is central database for various categories of insurance salespersons working for the insurance industry in India.

Key Highlights:

1. Earlier all the Insurers and Insurance Intermediaries were directed to upload data about their licensed salespersons through various Circulars. Insurers and Intermediaries were also required to share information pertaining to all fresh enrolments and terminations over ENVOY hosted at IIB.

2. Now, a new provision has been created in the ENVOY portal for self-deactivation of the salespersons. The salesperson seeking to disengage from the current principal would access the portal (https://www.envoy.iib.gov.in) and seek deactivation.

3. The portal after an OTP based verification on the registered mobile number would allow for self-deactivation in compliance with the relevant regulations, after a thirty-day waiting period or upon receiving insurer/intermediary consent whichever is earlier.

4. A user guide containing the step-by –step procedure for self-deactivation of salesperson is attached with this circular and also the same can be accessed over IIB’ s ENVOY portal.

5. The categories of salespersons covered by this circular include Point of Sale Persons (PoSPs), Broker Qualified Persons (BQP), Insurance Sales Persons (ISP) of Insurance Marketing Firm (IMF), Authorized Verifiers of Web Aggregators, and Salespersons & Designated Persons of Motor Insurance Service Providers (MISPs).

Source: Insurance Regulatory and Development Authority of India