Training for IAs, FAs made mandatory

The government has decided to make the provision of three-day training for insurance agents (IAs) and financial associates (FAs) mandatory for the development of the country's insurance sector.

The Insurance Development Regulatory Authority (IDRA) has already issued a circular under the Insurance Act 1958 and 2010 as well as Insurance Policy 2014 in this connection to be effective from January 2015, reports UNB.
Sources at the IDRA said the training must be taken from its accredited institutions. "Providing training to IAs and FAs is needed for the development of the insurance sector," said Sultan-ul-Abedin Molla, a member of the IDRA.
Mr Molla, however, said they are considering extension of one month's time to implement the IDRA directives.
The IRDA official also said technical knowledge of the IAs and FAs is required for the improvement of the insurance sector.
Contacted, Acting Managing Director of Padma Islami Life Insurance Chowdhury Mohammad Wasiuddin said it was our longtime desire to train IAs as they are directly dealing with clients at the field level.
Appreciating the government's initiative for making the three-day training mandatory for the agents, Mr Wasiuddin said it will help improve the quality of customer service.