I am and X- Branch Manager of a Life Insurance Company and will try to give you guidance as per the rules that were being followed in the companies that I have actually worked with and above that it would be great if you could also provide me with th Company Name, To give you the exact insight as to what is the regulation that they are going to follow.
Now lets come to your question one by one.
Q-1 > I had passed the IRDA exam for insurance agents and sold 13 insurance policies in the first year.
A-1 > As it is a mandatory that an Individual need sell min of 12 policy all issued within that year only. To continue his License with that company and continue getting the Commissions.
Q-2 > In the second year, I could not sell any policy and my second year will end this December 2009.
A-2 > Now here you have not completed the assigned targets taht you were supposed to do, But in any case it does not mean that your License is no longer existing or your commissions will be stopped.
Now here comes the difference in the companies and your Good will and your relations with the company Employees.
It is very true as per IRDA the commission will get stopped but on the recommendation of your Sales Manager to Branch Manager to Operations Manager and to ........., It is carried out and you can also be given a second chance to start, but in that case you would have to fulfill your commitments given to your seniors for there courtesy toward you.
Q-3 >Please let me know what will be the status of my License if I dont sell the minimum 12 policies in this second year ?
I think it is already explained in A-2
Q-4> Will I have to write the exam again and if so should I go back to my insurance company which sponsored me ?
A-4 > No it is not required by you to go through an exam again if you are with that same company, Apart from that if you decide to join some other company then in the previous company your Commission will not be paid.
And in order to join another company you MUST give resignation to your earlier company and new company will only entertain you when you will either produce the letter of NOC(No Objection Certificate) from your prior company or your acceptance of Resignation in prior company is 3 months old.
This is a norm and had to be followed.
Q-5> What will happen to the commissions of the insurance policies that I had sold earlier?
A-5> I think if you join another company then no commission would be paid from earlier one and if you continue with this company with a commitment to complete your targets then on due approvals of your seniors your commissions will be paid to you.
Q-6>Should I continue with the same insurance company which sponsored me or if I have to write the exam again or can I take it up through another insurance company ?
A-6> it is not advisable to switch between companies very often as it spoils the market reputation.
Hoping that you have good career.
All the best.