Circular IRDAI/CIR/2022/2971 of the Insurance Regulatory and Development Authority of India dated 23rd April, 2022 on the marketing of insurance products [C17-TKG]

IRDAI/CIR/2022/2971

Insurance Regulatory and Development Authority of India

Hyderabad, dated the 23rd April, 2022

CIRCULAR

To

All Inspecting Officers,

Subject: The marketing of insurance products by insurance marketing firms 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 marketing of insurance products by insurance marketing firms.

2. The matter has been examined. Every insurance marketing firm carrying on the marketing of insurance products shall make an application in Form IRDA-7 to the Tariff Advisory Committee within seven days, accompanied by a fee of two thousand rupees.

3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which the marketing of insurance products is undertaken, and the Tariff Advisory Committee shall dispose of it within seven 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)