annual report 2009-10 - IRDA

ANNUAL REPORT 2009-10TABLE 59NEW BUSINESS PREMIUM (INDIVIDUAL AND GROUP) OF LIFE INSURERS FOR 2009-10— CHANNEL-WISE(Figures in per cent)Life Insurer Individual Corporate Brokers Direct Total ReferralsAgents Agents Selling IndividualNewBanks Others* BusinessPrivate 41.85 22.02 9.34 3.16 23.63 100 6.57LIC# 71.14 1.17 0.46 0.37 26.86 100 0.12Total 60.91 8.46 3.56 1.34 25.73 100 2.37*Any entity other than banks but licenced as a corporate agent.# Does not include its overseas new business premium.Note: 1) New business premium includes first year premium and single premium.2) The leads obtained through referral arrangements have been included in the respective channels.NEW BUSINESS PREMIUM OF LIFE INSURERS(INDIVIDUAL & GROUP)# Does not include its overseas new business premiumSURVEYORS AND LOSS ASSESSORSII.2.11 IRDA issues licences to surveyors and lossassessors in terms of Section 64UM of the InsuranceAct, 1938. An individual, a company or a firm wantingto act as a surveyor and loss assessor has to makean application to the Authority in the prescribed formatfor the purpose. The Insurance Surveyors and LossAssessors (Licensing, Professional Requirements andCode of Conduct) Regulations, 2000 lay down theprocess of filing an application for procurement oflicence with IRDA.63