CIRCULAR NO. IRDA/LIFE/CIR/REF/179/11/2010, DATED 11-11-2010
Please refer IRDA (Sharing of Database for Distribution of Insurance Products) Regulations, 2010 (hereinafter referred as “Regulations”) notified by IRDA on 1st July, 2010.
The process of seeking grant of approval of Referral Company is stipulated in Regulation 3 of Chapter II of the Regulations. In order to streamline the process and enable better control, a portal has been designed wherein the insurers need to key in the data prior to sending the application for grant of approval of the Referral Company. After uploading the information sought on the portal, you may print Form A and send the same alongwith the supporting documents as mentioned in Schedule I of Form A of the Regulation.
The Entire process of registration of a referral company has been divided in to two stages viz., Application stage and Agreement stage. User manual which will guide the insurers in this process is placed as an Annexure. This process should be completed by the Compliance Officer who is designated under Regulation 15 of the Regulations. Members’ Login and passwords would be communicated to the compliance officers separately. Please note that the insurers who had sent applications earlier also need to upload their data on the Portal and send the hard copies of Form A generated by it.