I HAVE been working as an insurance agent (generalinsurance)forthelast several years. With the introduction of new Insurance Ordinance 2000 and Rules 2002, agents were asked to register themselves officially with the insurance company and also toundertake agentsfoundation course conductedby the PakistanInsurance Institute.
I cleared the agents foundation course of the institute in 2004 and was normally carrying on placing insurance covers with the insurance company.
I have now been informed by the company that according to a Security and Exchange Commission of Pakistan amendment, I will have to register myself with the Pakistan Insurance Institute within three months and also to undertake a refresher course af ter every two years.
I fail to understand what benefit will be achieved with this change. I already have sufficient experience and am able to convince my clients with the features of the insurance products which I sell.
Further, I know that most insurance companies and the one with whom I am working have internal training programmes for marketing and sales people. I have been sufficiently trained by my company, and the agents rely on the back-end technical supportprovided by theirofhcials.
I would strongly recommend and suggest that the SECP should withdraw the requirements for existing insurance agents with 10 or more years of experience.
Alternatively, an exemption should be given to those agents whose companies have a regular training programme.
