Saturday, October 22, 2011

RMP INFOTEC violating IRDA Norms

According to Section (42) of the Insurance Act, 1938, appointing sub-agents and passing on commission or kickbacks is prohibited. 

But RMP Infotec which sells Bajaj Alliance insurance policies passes commission as part of the binary payouts. 

Many people in the chain when introduced to new members try to sell insurance without being qualified in first place to sell insurance also they are not authorized to sell insurance.