Circular IRDAI/CIR/2024/1058 of the Insurance Regulatory and Development Authority of India dated 18th November, 2024 on the business of an insurance intermediary [C12-B2M]

IRDAI/CIR/2024/1058

Insurance Regulatory and Development Authority of India

Hyderabad, dated the 18th November, 2024

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-3 to the Authority within thirty days, accompanied by a fee of one 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 Authority shall dispose of it within thirty 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)