Circular IRDAI/CIR/2015/3056 of the Insurance Regulatory and Development Authority of India dated 28th March, 2015 on the business of a corporate agent [C1M-GMZ]

IRDAI/CIR/2015/3056

Insurance Regulatory and Development Authority of India

Hyderabad, dated the 28th March, 2015

CIRCULAR

To

All Inspecting 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-1 to the Central Government within sixty days, accompanied by a fee of one lakh 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 Central Government shall dispose of it within sixty 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)