Section 13, Marine Insurance Act, 1963 [S1H-ZYM]
As at 27 September 1963. In force from 27 September 1963.
13. Grant of licence.—(1) An application for a licence to undertake the business of an insurance intermediary shall be made to the Authority in Form IRDA-3, accompanied by a fee of five thousand rupees. (2) The Authority may, after making such inquiry as it thinks fit, grant the licence subject to such conditions as may be prescribed, or, for reasons to be recorded in writing, refuse to grant the licence. (3) A licence granted under this section shall be valid for a period of three years from the date of its grant and may be renewed in such manner as may be prescribed. (4) The Authority may, after giving the licensee an opportunity of being heard, suspend or cancel a licence for contravention of any condition thereof.
Defined terms in this text (2)
Authority: Section 2, Marine Insurance Act, 1963 [S1HZKE] (In this Act, unless the context otherwise requires,—): "Authority" means the Insurance Regulatory and Development Authority of India established under section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999)
Authority: 22 more definitions.
intermediary: Section 2, Marine Insurance Act, 1963 [S1HZKE] (In this Act, unless the context otherwise requires,—): "intermediary" includes insurance brokers, re-insurance brokers, insurance consultants, corporate agents, third party administrators, surveyors and loss assessors
intermediary: 25 more definitions.
Made under this section, or naming it (0)
none
Cited by (2)
Section 12, Marine Insurance Act, 1963 [S1H-ZXJ], 27 September 1963, Band A. "section 13".
Section 2, Marine Insurance Act (Amendment) Act, 1993 [S1X-BY1], 12 January 1993, Band A. "section 13 of the Marine Insurance Act, 1963 (11 of 1963)".
Not held (0)
none
Duties published under this section (0)
none