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[Resolved]  Kotak Life Insurance — Blocking of Renewal Commission

Dear Mr. Kaushal,

As per the IRDA rule, once an LA completes 5 yrs of active agency from any company, he is entitled to the renewal commission even if he gets terminated. You can in no way stop my commission as I have completed more than 5 yrs in the company.

My agency came into force on 03/03/2004 and I was an active agent till 22.07.2009. Hence there is no way you can stop my renewal commission.

As per the attached circular, it clearly mentions that the insurer shall not release commission of agents who have left them before completion of 5 yrs. As clearly visible from the earlier line, I have completed more than 5 yrs in the company.

Please release my commission asap or I would be forced to complain about it in the IRDA. For the same I have marked this email to the life complaints cell of IRDA.

Looking forward to early release of my commissions.

Thanking you.

Your's truly,
Sachin Parekh
Cell: +[protected] /[protected]
Email: [protected]@parekhcapital.com
www.parekhcapital.com
Your Friendly Investment Advisory Portal!!!


From: Client Service Desk //Kotak/Insurance
Sent: Saturday, October 31, 2009 4:13 PM
To: [protected]@parekhcapital.com
Subject: FW: Commission for A0008670



Dear Sachin,

With reference to your mail, we would like to inform you that Commission for LA ID A0008670 is on hold for reason being Terminated LA.


LA ID A0008670 is terminated in system on 22.07.2009 for reason Resignation.



LA can be reinstated but commission on hold for Terminated Agent cannot be released.



Please advice the LA to visit the branch and communicate with the BOE.


For further queries please feel free to write to us or contact our Client Service Desk on[protected].



Warm Regards,
Kaushal Shah | Executive - Client Service Desk | Kotak Mahindra Old Mutual Life Insurance Ltd. Building No.21, Infinity Park,Off Western Express Highway,Goregaon Mulund Link Road, Malad(E),Mumbai-400097.T:[protected].Fax Number[protected]

Email ID: [protected]@kotak.com mailto:[protected]@kotak.com




From: Sachin S Parekh [mailto:[protected]@parekhcapital.com]
Sent: Friday, October 30, 2009 6:43 AM
To: Client Service Desk //Kotak/Insurance; Monika Patel //Kotak/Insurance
Subject: Commission for A0008670

Dear Madam,



I have not yet recd the commission for this month's renewals. Last month I got the credit by 24th Sep 09. This month we are nearing the monthend and I have still not recd the commission.



Please do the needful at the earliest and oblige.



Thanking you.



Your's truly,
Sachin Parekh
Cell: +[protected] /[protected]
Email: [protected]@parekhcapital.com
www.parekhcapital.com
Your Friendly Investment Advisory Portal!!!
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Complaint marked as Resolved Aug 14, 2020
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