The Insurance Industry in India has turned much more customer friendly with the regulator IRDA bringing in new norms which favor customers.After turning the screws on ULIPs which were heavily favoring the insurance companies,the regulator has also started controlling the training of agents and accreditatoin of insurance agents.Note recently IRDA has also started allowing health insurance companies to port health insurance policies which allows customers to easily switch health insurers without losing the benefit of no claim years. The regulator has also made it harder for fly by night operators to enter the insurance business as it will cancel the licenses of insurance agents whose persistence ratio is less than 50% . This implies that if the policies sold by an insurance agent is not renewed by at least 50% of the customers,then the licence of the agent will be cancelled.THis will allow only serious players to stay in the insurance business.Also by bringing some standards to the agent training business,it will stop the mushrooming of ad-hoc insurance institutes in the coutnry who impart shoddy education. Selling it right To ensure that only serious professional players come into the insurance business, the regulator has mandated that only entities registered as…