Circular IRDAI/CIR/2023/4348 of the Insurance Regulatory and Development Authority of India dated 24th June, 2023 on the business of a corporate agent [C14-3DT]

IRDAI/CIR/2023/4348

Insurance Regulatory and Development Authority of India

Hyderabad, dated the 24th June, 2023

CIRCULAR

To

All Controllers of Insurance,

Subject: The business of a corporate agent by corporate agents 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 a corporate agent by corporate agents.

2. The matter has been examined. Every corporate agent carrying on the business of a corporate agent shall make an application in Form IRDA-7 to the Institute of Actuaries 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 a corporate agent is undertaken, and the Institute of Actuaries 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)