Circular IRDAI/CIR/2015/1681 of the Insurance Regulatory and Development Authority of India dated 11th October, 2015 on the business of a corporate agent [C1G-SF8]

IRDAI/CIR/2015/1681

Insurance Regulatory and Development Authority of India

Hyderabad, dated the 11th October, 2015

CIRCULAR

To

All Registration Officers,

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 Authority within twenty-one days, accompanied by a fee of fifty 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 Authority shall dispose of it within twenty-one 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)