The Insurance Regulatory and Development Authority of India on 6th June 2022, has created a new provision in the ENVOY portal for self-deactivation of the salespersons which shall be effective from 8th June 2022. The salesperson seeking to disengage from the current principal would access the portal (https://www.envoy.iib.gov.in) and seek deactivation.
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.
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).
ENVOY portal which is maintained by Insurance Information Bureau (IIB) is the central database for various categories of insurance sales persons working for the insurance industry in India.
