As many of the agencies did not seek for the renewal this year after the March 31st, the market regulator Insurance Regulatory Development Authority of India has canceled close to 4,260 licenses of corporate agents of various insurance companies in the Indian market.

While the largest insurer in the Indian market, Life Insurance Corporation took the first spot losing 638 agents, it was followed by Birla Sun Life with a loss of 637 agents.

The other names operating in the Indian insurance industry also faced a major loss as Bajaj Allianz General lost 249 agents, Bajaj Allianz Life lost 250 agents, ING Vysya Life lost 241 agents, Kotak Mahindra Old Mutual lost 273 agents, Tata AIG Life lost 221 agents, Tata AIG General lost 180 agents, HDFC Standard Life lost 195 agents, ICICI Pru Life lost 198 agents and Royal Sundaram lost 111 agents.

The regulator also said in a statement that as the agencies have not filed for the renewal, the names of the agents have been taken out of the database and the consumers are cautioned of not to transact with such agents.

In fact, the profile of the agents that have lost on their licenses match the likes of banks, commercial outfits and firms registered as insurance agents.