The 9/11 terrorist attacks that rocked the US have also slammed the brakes on Indian representation at the global Million Dollar Round Table, an international association of leading life insurance and financial services professionals.
The US government is not keen to grant visas to first time US visitors, fearing that they might decide not to return to their own country. Out of the 6,147 LIC agents who qualified for membership of MDRT, only 265 applied to be members of this global body of agents.
About 30 went for the 2002 convention in June, as the rest were denied US entry visas.
Taking up the cause for LIC agents, T K Banerjee, LIC zonal manager western region, said that US entry restrictions ought to be reduced, or else the MDRT should hold its annual meetings outside the US.
"Every year we write to the senator of Illinois, pleading the case on behalf of our members to be given US visas in order to attend the annual MDRT convention," said the director heading international services at MDRT, Jill Meyer.
After September 11, things have become worse, she admitted, adding: "We cannot give a guarantee to the US government that our members will go back home."
Out of the total 28,000-strong MDRT members worldwide, representing 74 nations, just about 7,000 to 8,000 members go for the annual meet, said Meyer.
As far as India is concerned, only 30-odd members actually attend the annual convention even as the number of Indian representatives on the round table has more than doubled from 144 in March 2001 to 297 in March 2002.
Indian agents qualify on bringing in Rs 1,492,500 in premium income or earning a commission of at least Rs 4,97,500 on first year premium.
MDRT president Richard H Sullenger admitted that holding annual conventions in the US makes it difficult for some of its members to attend, 'especially since 50 per cent of our members are from outside the US.'
He pointed out that in February 2004, MDRT is planning to hold a two-day convention in Hong Kong for both members and non-members to give them a feel of what it is like being a member of the MDRT.
It's not just the visas factor alone that is a hindrance for membership to the MDRT. The initial hurdle is the membership fee of $350 and the $800 towards meeting the cost of attending the annual meeting. Some global insurance companies like New York Life sponsor their agents to attend the annual meeting.
Others like the US-based Prudential Life Insurance Company organise their own meeting at the same city as that of the MDRT convention. This said Meyer, helps pay for the transportation of the agency force.
The LIC does not sponsor its agents but said Banerjee: "We give loans to our agents towards meeting the cost of airfare, which is an advance against the commissions to be recovered over a period of 24 to 48 months."
MDRT had about five years ago discouraged insurance companies from sponsoring their qualified agents for the convention, as many then do not attend the convention.
