Circular IRDAI/CIR/2015/2824 of the Insurance Regulatory and Development Authority of India dated 15th July, 2015 on the business of an insurance intermediary [C11-EGS]

IRDAI/CIR/2015/2824

Insurance Regulatory and Development Authority of India

Hyderabad, dated the 15th July, 2015

CIRCULAR

To

All Controllers of Insurance,

Subject: The business of an insurance intermediary by insurance intermediaries under the Insurance Regulatory and Development Authority Act, 1999, regarding.

In exercise of the powers conferred by section 9 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Insurance Regulatory and Development Authority of India hereby issues the following

1. References have been received seeking clarification on the manner in which section 9 applies to the business of an insurance intermediary by insurance intermediaries.

2. The matter has been examined. Every insurance intermediary carrying on the business of an insurance intermediary shall make an application in Form IRDA-2 to the Securities Appellate Tribunal within ninety days, accompanied by a fee of five thousand rupees.

3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which the business of an insurance intermediary is undertaken, and the Securities Appellate Tribunal shall dispose of it within ninety days of its receipt.

4. Difficulties, if any, in the implementation of this circular may be brought to the notice of the Insurance Regulatory and Development Authority of India.

(Chief General Manager)