IRA chairman N Rangachary said the regulator had been collecting the views of a cross-section of people in the insurance industry for the last two years and the new set of regulations governing the agents will be finalised soon. Allaying the fears expressed by some agents that many of them would be disqualified when the new regulations are enforced, Rangachary said agents have a bright future in India. Those without requisite qualification will be given ample time till April 1, 2000, to attain the eligibility norms for insurance agents. He maintained that in a service-oriented business like insurance, there is no better way of selling than through the agency system. "There is evidence to show that the public also welcomes an individual approachto selling insurance products," he said.

When China opened up its insurance sector, AIG, which was the first US co to enter the sector, trained more than 8,000 doctors to sell insurance products. This route has been followed by several other insurers in China who have recruited and trained individuals in selling insurance products.