[Resolved]  Irda — Hasty recruitment of agents

Today the insurance sector is a fast growing sector & no doubt contributes a great towards the economic development & allocation of individual savings. But the fact is that the people get the lesser advantage & the companies gain in lumpsome. To earn more & more the companies are recruiting large no of agents time to time. Though a irda exam is there to test a person before becoming an agent, its just a show off. Most of them are pre prepared by the SM to pass in the exam by unfair means. Believe it or not: a large no of agent in the rural area can't tell the details of policy. They are just told to give business & how much they'll get. The life insurance companies are forcing the SMs to recruit more & more agents by any means. This means that evenif the new agents sleeps after 4 or 5 policies the company can gain from it. Thats why we can find more agents in our colony than MBA graduates. Isn't there any authority that can really regulate the acts of nuisance by these companies? Even the agents are false promising the people regarding the gains/profits given by the company. If this act of recruiting agents hastily & false promises continue to woo consumers, one day this mechanism will reach a doom & a greater imbalance will be created.