Circular IRDAI/CIR/2022/1836 of the Insurance Regulatory and Development Authority of India dated 22nd March, 2022 on the business of an insurance broker [C19-QR8]

IRDAI/CIR/2022/1836

Insurance Regulatory and Development Authority of India

Hyderabad, dated the 22nd March, 2022

CIRCULAR

To

All Insurance Ombudsmen,

Subject: The business of an insurance broker by insurance brokers 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 broker by insurance brokers.

2. The matter has been examined. Every insurance broker carrying on the business of an insurance broker shall make an application in Form IRDA-8 to the Tariff Advisory Committee within ninety days, accompanied by a fee of twenty-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 broker is undertaken, and the Tariff Advisory Committee 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)