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A principal officer shall supervise the activity of Insurance marketing firm and should have the adequate knowledge of insurance prodcut Market. He will ensure the compliance IMF regulation and submit material disclosure and other information and documents as asked by the authority.

To act as principal officer of an insurance marketing firm a person is required to possess any one of the following qualification

1. Associates /Fellow of the insurance institute of India
2. Associates /Fellow of the Institution of Actuaries of India or
3. Associates / Fellow of chartered Insurance Institute London or
4. Post graduate qualification of The institute of insurance and Risk Management ,Hyderabad or
5. Graduate with insurance experience of two years preceding the year in which the application is made or
6. Graduate with five years of experience in Financial services sector preceding the year in which the application in made or
7. Mater in business administration or its equivalent form any institution/ university recognized by UGC/AICTE/any state government or the government of India or
8. Associates / Fellow of the institute of Chartered Accountant of India
9. Associates / Fellow of the Institute of Companies Secretaries of India
10. Associates /Fellow of Institute of Cost Accountant of India
11. Executive / professional of the Institute of Company Secretaries of India
12. Any other qualification specified by the Authority form time to time

From the above-mentioned qualifications, it is clear that a person who does not possess any professional qualification may still be appointed as a Principal Officer, provided that he/she is a graduate and has a minimum of two years’ experience in the insurance sector. Further, the Principal Officer is required to undergo fifty hours of training from an institution recognized by the Authority and must pass the examination conducted by an Examination Body recognized by the Authority upon completion of such training.

However, the training requirement shall be reduced from fifty hours to twenty-five hours in cases where the Principal Officer possesses the qualifications specified under points (a), (b), (c), and (d).

If the proposed principal officer has undergone training and passed examination as required for the Principal officer of an insurance broking Company /Corporate Agent /Web Aggregator and he/she shall be exempted from training and examination requirements to become the principal officer of the Insurance Marketing Firm