INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
NOTIFICATION
Hyderabad, the 30th July, 2019
Insurance Regulatory and Development Authority of India (Insurance Services by Common Public Service Centers) Regulations, 2019
F.No. IRDAI/Reg/12/163/2019.—In exercise of the powers conferred by clauses (s), (t), (u), (v) and (vb) of sub-section 2 of section 114A read with Section 42D and 42E of the Insurance Act, 1938 (4 of 1938) and read with section 2(1)(f), 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following regulations, namely: –
Objective: The objective of the Insurance Regulatory and Development Authority of India (Insurance Services by Common Public Service Centers) Regulations, 2019 is to regulate insurance related services offered by CPSC-SPV that are incorporated by Central and State governments.
1. Short Title and commencement:
1.1 These Regulations may be called the Insurance Regulatory and Development Authority of India (Insurance
Services by Common Public Service Centers) Regulations, 2019.
1.2 These Regulations shall supersede the Insurance Regulatory and Development Authority of India (Insurance Services by Common Service Centres) Regulations, 2015.
1.3 These Regulations shall come into force on the date of their publication in the Official Gazette.
CHAPTER I
Preliminary
2. Definitions: In this regulations, unless the context otherwise requires, –
2.1 “Act” means the Insurance Act, 1938 (4 of 1938) as amended from time to time.
2.2 “Authority” means the Insurance Regulatory and Development Authority of India established under the
provisions of Section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).
2.3 “CPSC”(Common Public Service Centre) for the purpose of these Regulations means the “Common
Service Centre” established under Digital India Programme of Government of India and implemented by M/s CSC e-Governance Services India Limited and includes similar centers established by the Special Purpose Vehicle of respective State Governments.
2.4 “CPSC-SPV” means i) M/s CSC e-Governance Services India Limited, the Special Purpose Vehicle (SPV) set up by Government of India for implementing the CSC scheme, ii) the Special Purpose Vehicle of respective State Government incorporated to facilitate delivery of government, private and social sector services to citizens of India through the Common Service Centers (CSCs) network or its equivalent, and approved by the Authority under these Regulations, and who for remuneration arranges insurance contracts for specific products approved by the Authority with insurers on behalf of its clients and offers other insurance related services through CSC Network.
Explanation: CPSC-SPV shall be an “insurance intermediary” for the purposes of Section 2(1) (f) of the Insurance Regulatory and Development Authority Act, 1999.
2.5 “Examination Agency” means any agency approved by the Authority for the purpose of holding examinations for the Principal Officer and the Rural Authorized Persons (RAPs) of the CPSC-SPV and includes National Institute of Electronics and Information Technology (NIELIT), an autonomous scientific society of Department of Electronics and Information Technology, Government of India.
2.6 “Principal Officer of CPSC-SPV” means a person under the employment of CPSC-SPV and nominated by the CPSC-SPV to function as the Principal Officer of CPSC-SPV.
2.7 “Rural Authorized Person” (RAP) is an individual Village Level Entrepreneur (VLE) and has successfully completed training, examination and certification by the examination agency, as specified in Part IV of Schedule I.
2.8 “Solicitation” for the purpose of these Regulations means the approach to a prospect by a RAP or VLE-Ins with a view to enabling the prospect to purchase an insurance policy and includes providing assistance in case the prospect decides to purchase an insurance policy.
2.9 “Village Level Entrepreneur” (VLE) is an individual registered and authorized by the CPSC-SPV to operate the Common Public Service Centre, who is in-charge of running the daily operations of the CPSC.
2.10 “Village Level Entrepreneur-Ins” (VLE-Ins) is an individual VLE and has successfully completed training and examination, as specified in Part – V of Schedule I.
2.11 Words and expressions used and not defined in these Regulations but defined in the Insurance Act, 1938 (4 of 1938), as amended from time to time, the Insurance Regulatory and Development Authority Act, 1999 or in any of the Regulations and Guidelines made there under shall have the meanings respectively assigned to them in those Acts or Regulations or Guidelines.
CHAPTER II
Registration of CPSC-SPV
I. Certificate of Registration
3. Application for grant of Certificate of Registration:
3.1 The Applicant, CPSC-SPV, desiring to obtain a Registration to act as an insurance intermediary shall follow the following procedure: –
(a) Submit an application to the Authority in the Form – A as specified in these Regulations.
(b) Remit non-refundable application fees of ten thousand rupees along with the application for grant of registration.
(c) Submit all the necessary documents as mentioned in the application Form – A along with a form from Principal Officer satisfying the fit & proper criteria specified in Schedule-I (Part-I).
3.2 An application, that is not complete in all respects and/or not conforming to the instructions specified in application form and/or not complying with the requirements and/or directions of the Authority, may be rejected.
Provided that, before rejecting any such application, the CPSC-SPV shall be given a reasonable opportunity to complete the application in all respects and rectify the errors, if any.
4. Grant of Registration to the CPSC-SPV:
4.1 The Authority on being satisfied that the applicant fulfills all the conditions specified for the grant of registration, shall grant a registration in Form – B and send intimation thereof to the CPSC-SPV.
4.2 The registration shall be issued subject to the CPSC-SPV adhering to the conditions and code of conduct as specified in Schedule-IV.
4.3 A registration granted to the CSC-SPV under the Insurance Regulatory and Development Authority of India (Insurance Services by Common Service Centres) Regulations, 2015 shall be valid till its expiry and the CSC-SPV shall thereafter apply for renewal of registration as per Regulation 6 below.
5. Period of Validity of Registration of the CPSC-SPV:
5.1 The registration issued under these Regulations shall be valid for a period of three years from the date of its issue.
5.2 CPSC-SPV shall not be allowed to function as such after the expiry of registration unless it is renewed by the Authority.
5.3 In case the registration of the CPSC-SPV is not renewed or suspended or cancelled, the policyholders shall be serviced by the respective insurers.
II. Renewal of Certificate of Registration
6. Procedure for the Renewal of Registration of CPSC-SPV
6.1 CPSC-SPV shall submit the application for renewal of registration to the Authority in Form – A at least thirty days before the expiry of the registration. However, the CPSC-SPV is permitted to apply for renewal ninety days before the expiry of the registration.
6.2 The documents to be submitted by the CPSC-SPV along with the renewal application form are mentioned in the renewal Application Form – A.
6.3 The application for renewal of registration shall be submitted along with a renewal fee of two thousand rupees only.
Provided that, if the application for renewal of the registration reaches the Authority later than prescribed period under 6.1 above, of the current registration, an additional fee of Rupees one hundred only shall be payable by the applicant to the Authority.
Provided further that the Authority may, for sufficient reasons offered in writing by the applicant, accept an application for renewal submitted after the date of the expiry of the registration on payment of an additional fee of seven hundred fifty rupees only by the CPSC-SPV.
6.4 The Authority may call for any additional information / documents as deemed fit for processing the renewal application, from the CPSC-SPV.
6.5 The Authority, on being satisfied that the CPSC-SPV fulfills all the conditions specified for renewal of the registration, shall renew the registration in Form – B.
6.6 The renewal of Registration shall be valid for a period of three years.
III.Duplicate Certificate of Registration
7. Issue of a duplicate certificate of registration —
7.1 In the event of a certificate of registration being lost or destroyed or mutilated, CPSC-SPV shall submit to the Authority an application in the format given in Form – B1 along with a fee of one thousand rupees requesting for the issue of a duplicate certificate of registration and with a declaration giving full details regarding the issue of the certificate of registration and its loss or destruction or mutilation.
7.2 The Authority, after satisfying itself that the original certificate of registration has been lost, destroyed or mutilated, shall issue a duplicate certificate of registration as per format given in Form – B2 with an endorsement thereon that it is a duplicate. Provided however that if the lost certificate is retrieved, it shall be surrendered to the Authority.
CHAPTER III
Insurance Solicitation, Operational Issues and Functions of CPSC-SPV, RAP and VLE-Ins
8. Persons engaged for solicitation:
8.1 RAP and VLE-Ins are authorized to solicit insurance business.
8.2 CPSC-SPV shall be responsible for all acts of commission and omission of the RAPs and VLEs-Ins deployed on their behalf.
8.3 Principal Officer, Rural Authorized Person (RAP) and VLE-Ins shall possess minimum qualification as specified in Schedule-I, Part-III.
8.4 The Training, examination and certification of RAP and VLE-Ins shall be as specified in Schedule-I, Part-IV & Part-V.
8.5 Code of Conduct for RAP and VLE-Ins is stipulated in Schedule-IV.
9. Enabling Registration of Insurance Business by RAP and VLE-Ins:
9.1 The CPSC-SPV’s Portal shall enable any VLE to transact insurance business in the CPSC-SPV’s Portal as a RAP only after the VLE passes the examination and the certificate issued by examination agency is updated in the CPSC-SPV’s Portal.
9.2 Like-wise the CPSC-SPV’s portal shall enable a VLE-Ins to transact insurance business in the CPSC-SPV’s portal only after fulfilling all the training and examination requirements applicable and corresponding details are updated in the CPSC-SPV’s Portal.
9.3 In case there is a change in RAP or VLE-Ins due to exit or withdrawal of authorization or for any reasons, another RAP or VLE-Ins may carry out insurance servicing, as the case may be.
10. Functions of CPSC-SPV:
The functions of CPSC-SPV are given in Schedule-II, Part-I.
11. Functions and Obligations of RAP and VLE-Ins:
11.1 The functions of RAP and VLE-Ins are given in Schedule-II, Part-II.
11.2 Obligations pertaining to RAP and VLE-Ins are given in Schedule-II, Part-III.
12. Remuneration payable to CPSC-SPV, RAP and VLE-Ins:
12.1 The remuneration payable to the CPSC-SPV by the insurer shall be as per the bifurcation given below:
a) Remuneration to the CPSC-SPV towards solicitation and procuring insurance policies (including Micro-insurance products and Government sponsored insurance schemes) by the RAP and VLE-Ins.
b) Service charges for post-sale service of the policy.
12.2 The remuneration payable to CPSC-SPV by the Insurer, for solicitation of insurance policies (including Micro-insurance products and Government sponsored insurance schemes) by the RAP and VLE-Ins shall be as per Insurance Regulatory and Development Authority of India (Payment of commission or remuneration or reward to insurance agents and insurance intermediaries) Regulations, 2016.
12.3 The charges payable to the CPSC-SPV by the insurer, for other services shall be as mutually agreed between the insurer and CPSC-SPV from time to time. However, the CPSC-SPV shall not be entitled to any rewards under the Insurance Regulatory and Development Authority of India (Payment of commission or remuneration or reward to insurance agents and insurance intermediaries) Regulations, 2016.
12.4 CPSC-SPV, on receipt of any remuneration or charges from the insurer, shall distribute not less than 90% of the same to the respective RAP and not less than 85% of the same to the respective VLE-Ins, as the case may be.
12.5 However, if the RAP or VLE-Ins exits the CPSC-SPV and is replaced by another RAP or VLE-Ins, the renewal remuneration for the policies shall be payable to the new RAP or VLE-Ins who takes over the responsibility of servicing those policies.
12.6 CPSC-SPV shall enter into an agreement with the insurers and mention clearly in the agreement the percentages and method of distribution of the remuneration or charges received by CPSC-SPV.
12.7 The settlement of accounts by insurers in respect of remuneration or charges payable to CPSC-SPV shall be done on a monthly basis and it shall ensure that there is no cross settlement of outstanding balances.
13. Products allowed under CPSC Model:
13.1 The types, procedure and conditions for insurance products developed for CPSC Model are given in Schedule-III.
13.2 All CSC products approved by the Authority as per the Insurance Regulatory and Development Authority of India (Insurance Services by Common Service Centres) Regulations, 2015 shall be valid.
14. Agreement between CPSC-SPV and the Insurer:
An Agreement or a Service Level Agreement or Memorandum of Understanding shall be entered between the insurers and CPSC-SPV. The agreement shall cover the following:
14.1 Procedures for:
a) enabling or disabling the RAP and VLE-Ins for the delivery of the approved insurance products.
b) tracking and monitoring the transactions and activities of the RAP and VLE-Ins;
c) incorporating the Unique code allotted by CPSC-SPV.
d) incorporating the Aadhaar number of the prospect / policyholder and nominee, if made available.
e) sending the electronic copy of the proposal data, claims data and any other information by the RAP and VLE-Ins to the Insurer.
f) sending electronic copy of the completed policy data, claims data and any other information by the Insurer to the RAP and VLE-Ins.
g) sending electronic files and documents relating to claims of the insured to Insurer.
h) maintenance of data in a secure mode by the Insurer.
i) updation and transmission of data in a secure mode by the Insurer.
14.2 The PAN / Aadhaar number of RAP and VLE-Ins may be used by all insurers to maintain uniformity.
14.3 Tracking code may be agreed mutually by insurers and CPSC-SPV.
14.4 List of Products to be marketed through the CPSC-SPV.
14.5 A robust grievance redressal system should be set in at both the CPSC-SPV level and the insurer level. The insurers should submit a Complaint Redressal Analysis report to the Authority every quarter.
14.6 The CPSC-SPV and the Insurers shall develop suitable system to ensure continuity in the services rendered by RAP and VLE-Ins to policyholders, even after the termination of agreement with registered RAP and VLE-Ins.
14.7 The method of distribution of remuneration or charges received from the insurer by the CPSC-SPV.
15. Obligations of Insurer:
Obligations of Insurer are specified given in Schedule-V.
16. Reports to be submitted to the Authority:
The Insurer and the CPSC-SPV shall submit periodical reports to the Authority as specified hereunder.
16.1. CPSC-SPV shall furnish to the Authority Quarterly reports as may be stipulated by the Authority on Insurance activities.
16.2. Insurers shall furnish to the Authority half yearly report as may be stipulated by the Authority on business procured through RAPs and VLEs-Ins.
17. Power of Authority to inspect: The Authority may appoint one or more of its officers as inspecting authority to undertake inspection of the premises of the CPSC-SPV or CPSCs to ascertain the activities of CPSC-SPV, and also to inspect the books of accounts, records and documents of the CPSC-SPV, RAP and VLE-Ins and VLE for any of the purposes specified in these regulations; and
a) to ensure the compliance of provisions of the Act, Rules and Regulations;
b) to investigate the complaints received from any insured, or insurer, or any other person on any matter having a bearing on the activities of the RAP or VLE-Ins or VLE or CPSC-SPV; and
c) to investigate the affairs of the RAP or VLE-Ins or VLE or CPSC-SPV suo moto in the interest of proper development of insurance business or in the policy holders’ interest.
CHAPTER IV
18. Procedure for disciplinary proceeding:
The procedure to be followed by the Authority in the event of CPSC-SPV, RAP, VLE-Ins and VLE violating any of the provisions of the Act, Insurance Regulatory and Development Authority Act, 1999, Regulations, Guidelines, Circulars, Notifications shall be as specified in Schedule-VI of these Regulations.
19. Suspension or Cancellation of Registration of CPSC-SPV; Certificate of RAP and VLE-Ins:
Suspension or cancellation of registration shall be as given in Schedule-VI of these Regulations.
20. Power of the Authority to issue clarifications:
In order to remove any difficulties in respect of the application or interpretation of any of the provisions of these Regulations, the Chairperson of the Authority may issue appropriate clarifications from time to time.
21. Amendment of Insurance Regulatory and Development Authority of India (Payment of commission or remuneration or reward to insurance agents and insurance intermediaries) Regulations, 2016 – The Insurance Regulatory and Development Authority of India (Payment of commission or remuneration or reward to insurance agents and insurance intermediaries) Regulations, 2016 shall be amended in the manner specified in Schedule-VII of these Regulations.
22. Savings clause
1. Unless otherwise provided by these regulations, nothing in these regulations shall deem to invalidate the contracts entered into prior to these regulations coming into force.
Schedules & Forms
SCHEDULE-I
Part-I
Fit & Proper Criteria of Principal Officer (Regulation 3.1 (c))
1) The Principal Officer of the CPSC-SPV seeking registration shall be considered as a ‘fit and proper person’, if he fulfills the conditions, including, but not limited to the following criteria–
(a) Has not committed an offence involving financial integrity;
(b) Has not been convicted for any criminal offence;
(c) Has requisite qualifications and experience as stipulated in Schedule – I, Part-III;
(d) Has undergone training and passed the exam as stipulated in Schedule – I, Part-IV;
(e) Has good track record; and
(f) absence of any disqualification to act as an insurance intermediary as stipulated in the Act.
PART-II
Eligibility criteria for CPSC-SPV (Regulation 2.4)
1) It should be established by the Government of India or a State Government.
2) It should be under Digital India Programme of Government of India or under similar plan of a State Government.
PART-III
Qualification of Principal Officer – CPSC-SPV (Regulation 8.3)
1) Is a Graduate from a recognized University.
Qualification of Rural Authorized Person (RAP) (Regulation 8.3)
1) Pass in 10th Class or equivalent examination from a recognized Board/ Institution.
2) Minimum knowledge of Computer applications / operations.
Qualification of Village Level Entrepreneur-Ins (VLE-Ins) (Regulation 8.3)
1) Same as those stipulated under the Guidelines for Point of Salesperson
PART-IV
Training, Examination and Certification of Principal Officer (Regulation 8.4)
1) Same as that of Rural Authorized Person.
Training, Examination and Certification of Rural Authorized Person (RAP) (Regulation 8.4)
Training: –
1) The VLE shall undergo at least 20 hours theoretical training covering the topics stated in the stipulated Syllabus from an institution recognized / approved by the Authority from time to time.
2) The syllabus for the above training shall cover Principles and Practice of Insurance, Legal aspects of Insurance, AML/PML & KYC, General Insurance and Life Insurance, as stipulated by the Authority from time to time.
Examination and Certification: –
1) The online examination of RAP shall be conducted by NIELIT or any other examination agency as approved by the Authority from time to time in their centres spread across India.
2) The VLE should pass an examination, at the end of the period of training mentioned above, conducted by the NIELIT (National Institute of Electronics and Information Technology) or any other examination agency approved by the Authority from time to time.
3) The periodicity of the online examination shall be decided by the Authority in consultation with respective examination agency, depending on the requirements.
4) The examination agency shall declare the result of the exam and a certificate shall be issued to the RAP.
5) The Certification of the completion of training and passing the examination shall be valid only during the period the VLE is authorized to manage operations of the CPSC. The certificate is no longer valid if the services of VLE are terminated or suspended by CPSC-SPV.
PART-V
Training, Examination and Certification of Village Level Entrepreneur-Ins (VLE-Ins) (Regulation 8.4)
1. Life Insurance – Same as those stipulated under the Guidelines for Point of Salesperson issued by the Authority from time to time.
2. General Insurance including health insurance – Same as those stipulated under the Guidelines for Point of Salesperson issued by the Authority from time to time.
SCHEDULE-II
Part-I
Functions of CPSC-SPV (Regulation 10)
a) CPSC-SPV, on valid registration from the Authority to act as an insurance intermediary, may enter into agreements with Insurers as specified in Regulation 14 of these regulations.
b) CPSC-SPV shall assist the VLEs to undergo the stipulated training and examination as specified in Schedule-I.
c) On successful completion of training and passing the stipulated examination and based on the certificate issued by examination agency to a RAP or VLE-Ins, CPSC-SPV shall enter into an agreement with the RAP or VLE-Ins authorizing him to solicit the approved insurance products.
d) CPSC-SPV shall include the relevant conditions and clauses as stipulated by the Authority for the compliance of these regulations including the stipulated code of conduct for RAP or VLE-Ins, in the agreement entered into with RAP or VLE-Ins respectively.
e) CPSC-SPV shall ensure continuous monitoring of the activities of the RAPs and VLEs-Ins and be responsible for the compliance of these regulations and the code of conduct by RAPs and VLEs-Ins.
f) CPSC-SPV shall maintain a copy of agreement entered with each insurer.
Part-II
Functions of Rural Authorized Person (RAP) and Village Level Entrepreneur-Ins (VLE-Ins) (Regulation 11.1)
Insurance related functions of a RAP and a VLE-Ins shall include the following:
a) Assisting the prospects to select the insurance policy based on the need for Insurance.
b) Obtaining detailed information relating to proposers / persons / risks to be insured and protection needs and render advice on appropriate insurance cover.
c) Providing the insurer with underwriting information like age, income, family / medical history, any illness suffered and such other information as required in assessing the risk.
d) Acting promptly on instructions from a client and providing him written acknowledgements and information on proposal acceptance and status of claims settlement.
e) Assisting clients in paying premium, in compliance with section 64VB of the Insurance Act, 1938 as amended from time to time.
f) Advise and assist clients in effecting nomination, assignment and other policy services, and inform insurers about changes like, change in residential address, change in nomination, sale of vehicle, etc. for updation and arrange to get necessary endorsement in the policy documents, if required.
g) Assist and facilitate claims settlement process by helping insured in filling claim form, collect copy of documents like death certificate, nomination, assignment, and such other documents required for settlement of claims by insurers.
h) Inform clients about payment of renewal premium and send policy renewal notices to clients on behalf of insurers, if the insurer outsources the services.
i) Comply with the AML / KYC guidelines issued by the Authority from time to time.
j) Facilitate opening of e-insurance account of the policyholder.
k) All other customer centric services as may be required for smooth and effective policy servicing.
Part-III
Obligations of Rural Authorized Person (RAP) and Village Level Entrepreneur-Ins (VLE-Ins) (Regulation 11.2)
1) The agreement between the CPSC-SPV and the RAP and VLE-Ins shall include:
a) Code of Conduct for RAPs and VLE-Ins.
b) Adherence to regulatory provisions, compliances, disclosures, ethical conduct of business and specific instructions that are issued by the authority from time to time.
c) Adherence to the provisions of the Insurance Regulatory and Development Authority Act, 1999.
2) RAP and VLE-Ins shall also be held responsible for any act of omission or commission in the insurance business transactions undertaken by him.
a) In the process of soliciting insurance business and providing claims service RAP and VLE-Ins shall ensure compliance of KYC norms, AML guidelines, and regulations, disclosure norms, guidelines issued by the Authority from time to time in this regard.
b) RAP and VLE-Ins is barred from soliciting insurance and offering any other insurance business related services in their individual capacity, in any mode, on behalf of any individual, organization, or insurer, other than the CPSC Model.
c) RAP and VLE-Ins shall maintain the records and the reports of the activities related to Insurance, in the manner specified in the appointment agreement with CPSC-SPV.
d) RAP and VLE-Ins shall not accept any payment from Insurers other than the remuneration or charges as specified in the agreement between the Insurer and the CPSC-SPV.
3) Every RAP and VLE-Ins shall, with a view to conserving the insurance business already procured through him, make every attempt to ensure remittance of the premiums by the policyholders within the stipulated time, by giving appropriate notice to the policyholder.
SCHEDULE-III
Types, procedure and conditions for Life and General Insurance products under CPSC Model available for sale by RAP and VLE-Ins (Regulation 13.1)
1. Types of products that are available for sale by RAP and VLE-Ins of CPSC-SPV – Life Insurance
1) Life insurers may offer the following products through the RAP:
(i) Life insurance products that are allowed to be distributed by Point of Sales Person – Life Insurance.
(ii) Micro-insurance products of life insurers.
(iii) Government Schemes underwritten by life insurers.
(iv) Any other type of product that may be specifically permitted by the Authority.
2) Life insurers may offer the following products through the VLE-Ins:
(i) Life insurance products that are allowed to be distributed by Point of Sales Person – Life Insurance.
(ii) Micro-insurance products of life insurers.
(iii) Government Schemes underwritten by life insurers.
(iv) Any other type of product that may be specifically permitted by the Authority.
3) Every insurer shall have the “Policy Servicing Manual” for insurance policy distributed through CPSCs, approved by the Board or the Board delegated risk committee of the insurer and include:
(i) Detailing the process to be followed for each of the service to be provided by the CPSC.
(ii) the corresponding process followed by the insurer to complete the policy servicing.
(iii) the turnaround times for each type of service.
(iv) Service charge for each type of the service.
(v) The policy servicing details may include:
a) Process for printing of the policy
b) Process for printing of endorsement
c) Process for collection of premiums and remittance to insurers
d) Process for change of address
e) Process for Assignment / Nomination / Change of Nomination
f) Process for assisting in revival
g) Process for Partial Withdrawals
h) Process for Surrender Benefit Claims
i) Process for Death Claims
j) Process for Maturity Claims
k) Processes for other Service operations as may be specific for the products.
4) Every insurer shall have the following documents in the Policy Servicing Manual:
a) Name of the product
b) Copy of the on-line e-proposal form to be used in the CPSC Centre.
c) Copy of the Policy document to be printed at the CPSC Centre with e-policy stamping / e-signature, etc.
d) Copy of the forms to be used such as
i. Nomination Form
ii. Change of Nomination Form
iii. Assignment Form
iv. Revival Form
v. Partial Withdrawals Form
vi. Survival Benefits Form / Death Claim Form
vii. Maturity Claim Form
viii. Any other form that the insurer will require for servicing the Policy
5) The insurers shall accept the insured’s/ policyholder’s biometric thumb impression on the proposal form and biometric IRIS instead of obtaining a wet signature on the proposal form, as his/her consent of the proposal form.
2. Types of products that are available for solicitation by RAP and VLE-Ins of CPSC-SPV – General Insurance including health Insurance
1) General insurers including stand-alone health insurers may offer the following products through the RAP:
(i) General insurance products, including health insurance other than the products mentioned under (iii) below, with a limit which is twice the limit for products that are allowed to be distributed by Point of Sales Persons – General Insurance.
(ii) Micro-insurance products of general insurers including stand-alone health insurers.
(iii) All general insurance products, including health insurance, under Government Schemes.
(iv) Any other type of product that may be specifically permitted by the Authority.
2) General insurers including stand-alone health insurers may offer the following products through the VLE-Ins:
(i) General insurance products including health insurance that are permitted to be sold by Point of Sales Persons – General Insurance.
(ii) Micro-insurance products of general insurers including stand-alone health insurers.
(iii) All general insurance products including health insurance under Government Schemes.
(iv) Any other type of product that may be specifically permitted by the Authority.
3) Every insurer shall have the “Policy Servicing Manual” for insurance policy distributed through CPSCs, approved by the Board or the Board delegated risk committee of the insurer and include:
(i) Detailing the process to be followed for each of the service to be provided by the CPSC.
(ii) the corresponding process followed by the insurer to complete the policy servicing.
(iii) the turnaround times for each type of service.
(iv) Service charge for each type of the service.
(v) The policy servicing details may include:
(a) Process for printing of the policy
(b) Process for printing and issuance of endorsement
(c) Process for collection of premiums and remittance to insurers
(d) Process for appointment of surveyor at the time of intimation of claim
(e) Process of processing and settlement of claim
(f) Processes for other Service operations as may be specific for the products.
4) Every insurer shall have the following documents in the Policy Servicing Manual:
a) Name of the product
b) Copy of the on-line e-proposal form to be used in the CPSC Centre.
c) Copy of the Policy document to be printed at the CPSC Centre with e-policy stamping / e-signature, etc.
d) Copy of the forms to be used such as
i) Proposal form
ii) Policy document
iii) Endorsement
iv) Claim form
v) Assignment Form
vi) Any other form that the insurer will require for servicing the Policy.
3. Procedure and conditions for Life and General Insurance products under CPSC Model available for solicitation by RAP
1) The CPSC-SPV may provide / arrange various services to the insurer in accordance with the agreement, where the services shall be in compliance with the Insurance Regulatory and Development Authority of India (Outsourcing of Activities by Indian Insurers) Regulations, 2017 issued by the Authority.
2) The CPSC-SPVs, on behalf of the insurers, shall be allowed to print the policy document on a plain A4 size paper, as proof of a valid policy for such products.
3) The insurer is encouraged to hold the policy documents i.e. e-policy in the electronic form with any of the registered Insurance Repositories.
4) There shall be strict compliance of all relevant rules and regulations issued by the Authority in general and Section 64VB in particular.
SCHEDULE-IV
I. CODE OF CONDUCT of CPSC-SPV (Regulation 4.2)
1. CPSC-SPV shall follow recognized standards of professional conduct and discharge their functions in the interest of the policyholders.
2. Conduct in matters relating to clients’ relationship. — The CPSC-SPV through the RAP, VLE-Ins and VLE shall:
(a) conduct its dealings with clients with utmost good faith and integrity at all times;
(b) act with care and diligence;
(c) ensure that the clients understand their relationship with the CPSC-SPV;
(d) treat all information supplied by the prospective clients as completely confidential to themselves and to the insurer(s) to which the business is being offered;
(e) take appropriate steps to maintain the security of confidential documents in their possession;
(f) understand the type of client it is dealing with and the extent of the client’s awareness of risk and insurance;
(g) avoid conflict of interest;
(h) obtain necessary documents required under KYC norms.
3. Conduct in matters relating to Sales practices. — The CPSC-SPV through the RAP and VLE-Ins shall:
(a) confirm that he does not employ agents or canvassers to bring in business;
(b) identify itself and explain as soon as possible the degree of choice in the products that are on offer;
(c) ensure that the client understands the type of services it can offer;
(d) offers a policy that is suitable to the needs of the prospective client;
(e) give advice only on those matters in which it is knowledgeable and seek or recommend other specialist for advice when necessary;
(f) not make inaccurate or unfair criticisms of any insurer;
(g) show, wherever possible, why a policy or policies are proposed and provide comparisons in terms of price, cover or service where there is a choice of products;
(h) explain the procedures to follow in the event of a loss;
(i) Not indulge in any sort of money laundering activities;
(j) ensure that the CPSC-SPV does not indulge in sourcing of business by themselves or through call centers by way of misleading calls or spurious calls.
4. Conduct in relation to furnishing of information. — The CPSC-SPV through the RAP and VLE-Ins shall:
(a) ensure that the consequences of non-disclosure and inaccuracies are pointed out to the prospective client;
(b) avoid influencing the prospective client and make it clear that all the answers or statements given are the latter’s own responsibility. Ask the client to carefully check details of information given in the documents and request the client to make true, fair and complete disclosure where it believes that the client has not done so and in case further disclosure is not forthcoming it should consider declining to act further;
(c) explain to the client the importance of disclosing all subsequent changes that might affect the insurance throughout the duration of the policy; and
(d) disclose on behalf of its client all material facts within its knowledge and give a fair presentation of the risk.
5. Conduct in relation to explanation of insurance contract. — The CPSC-SPV through the RAP and VLE-Ins shall:
(a) provide the list of insurer(s) participating under the insurance contract and advise any subsequent changes thereafter;
(b) explain all the essential provisions of the cover afforded by the policy recommended by him so that, as far as possible, the prospective client understands what is being purchased;
(c) draw attention to any warranty imposed under the policy, major or unusual restrictions, exclusions under the policy and explain how the contract may be cancelled;
(d) notify changes to the terms and conditions of any insurance contract and give reasonable notice before any changes take effect.
6. Conduct in relation to renewal of policies. — The CPSC-SPV through the RAP and VLE-Ins shall ensure that its client is aware of the expiry date of the insurance.
7. Conduct in relation to claim by client: — The CPSC-SPV through the RAP and VLE-Ins shall: –
(a) explain to its clients their obligation to notify claims promptly and to disclose all material facts and advise
subsequent developments as soon as possible;
(b) request the client to make true, fair and complete disclosure where it believes that the client has not done so;
(c) give prompt advice to the client of any requirements concerning the claim;
(d) forward to the insurer any information received from the client regarding a claim or an incident that may give rise to a claim without delay;
(e) advise the client without delay of the insurer’s decision or otherwise of a claim; and give all reasonable assistance to the client in pursuing his claim. Provided that the CPSC-SPV shall not take up recovery assignment on a policy contract which has not been serviced through him or should not work as a claims consultant for a policy which has not been serviced through him.
8. Conduct in relation to receipt of complaints. — The CPSC-SPV through the RAP, VLE-Ins and VLE shall: —
(a) ensure that letters of instruction, policies and renewal documents contain details of complaints handling procedures;
(b) accept complaints either by phone or in writing to ensure that they are sent to the insurer at the earliest;
(c) ensure that response letters are sent and inform the complainant of what he may do if he is not satisfied with the
response.
9. Conduct in relation to documentation. — The CPSC-SPV through the RAP, VLE-Ins and VLE shall: —
(a) ensure that any documents issued comply with all statutory or regulatory requirements from time to time in force;
(b) make available policy documentation, advice that the documentation shall be read carefully and retained by the
client;
(c) acknowledge receipt of all monies received in connection with an insurance policy;
(d) ensure that the reply is sent promptly or use its best endeavors to obtain a prompt reply to all correspondence.
10. Conduct in matters relating to advertising — The CPSC-SPV shall conform to the relevant provisions of the Insurance Regulatory and Development Authority (Insurance Advertisements and Disclosure) Regulations, 2000 and subsequent circulars, and: —
(a) ensure that statements made are not misleading or extravagant;
(b) where appropriate, distinguish between contractual benefits which the insurance policy is bound to provide and
non-contractual benefits which may be provided;
(c) ensure that advertisements shall not be restricted to the policies of one insurer, except where the reasons for such restriction are fully explained with the prior approval of that insurer;
(d) ensure that advertisements contain nothing which is in breach of the law nor omit anything which the law requires;
(e) ensure that advertisement does not encourage or condone defiance or breach of the law;
(f) ensure that advertisements contain nothing which is likely, in the light of generally prevailing standards of decency and propriety, to cause grave or widespread offence or to cause disharmony;
(g) ensure that advertisements are not so framed as to abuse the trust of clients or exploit their lack of experience or knowledge;
(h) ensure that all descriptions, claims and comparisons, which relate to matters of objectively ascertainable fact shall be capable of substantiation.
11. Conduct in matters relating receipt of remuneration. — The CPSC-SPV through the RAP and VLE-Ins shall: —
(a) advise the client in writing of the insurance premium;
(b) if requested by a client, disclose the amount of remuneration or other remuneration it receives as a result of effecting insurance for that client. This will include any payment received as a result of securing on behalf of the client any service additional to the arrangement of the contract of insurance.
12. Conduct in relation to matters relating to training. — The CPSC-SPV shall:
(a) ensure that its staff are aware of and adhere to the standards expected of them by this code;
(b) ensure that its staff are competent, suitable and have been given adequate training;
(c) ensure that there is a system in place to monitor the quality of advice given by its staff;
(d) ensure that RAPs and VLEs-Ins are aware of legal requirements including the law of agency affecting their activities; and only handle classes of business in which they are competent;
(e) draw the attention of the client to Section 41 of the Act, which prohibits rebating and sharing of commission.
13. The CPSC-SPV shall ensure that every RAP and VLE-Ins shall display in every office where it is carrying on business and to which the public have access a notice to the effect that a copy of the code of conduct is available upon request and that if a member of the public wishes to make a complaint or requires the assistance of the Authority in resolving a dispute, he may write to the Authority.
14. The CPSC-SPV or RAP or VLE-Ins or VLE as defined in these regulations shall not act as an insurance agent of any insurer under section 42 of the Act.
15. CPSC-SPV shall abide by the provisions of the Insurance Act,1938 (4 of 1938), Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), rules and regulations made there under which may be applicable and relevant to the activities carried on by them as CPSC-SPV.
II. Code of Conduct of Rural Authorized Person (RAP) and Village Level Entrepreneur – Ins (VLE-Ins) (Regulation 8.5)
- Every Rural Authorized Person and VLE-Ins shall:
1) Conduct his dealings with clients with utmost good faith and integrity at all times;
2) Act with due care and diligence;
3) Identify himself as a Rural Authorized Person or VLE-Ins as the case may be and produce the Registration / Certificate to the prospect on demand;
4) Disseminate the requisite information in respect of insurance products offered for sale and take into account the needs of the prospect while recommending a specific insurance plan to the prospective client;
5) Treat all information supplied by the prospective clients as completely confidential to themselves and to the insurer(s) to which the business is being offered;
6) Disclose the scales of remuneration in respect of the insurance product offered for sale, if asked by the prospect;
7) Indicate the premium to be charged by the insurer for the insurance product offered for sale;
8) Explain to the prospect the nature of information required in the proposal form by the insurer, and also the importance of disclosure of material information in the purchase of an insurance contract;
9) Bring to the notice of the insurer any adverse health conditions, personal habits or income inconsistency of the prospect, in the form of a report (called “Confidential Report”) along with every proposal submitted to the insurer;
10) Ensure that the consequences of non-disclosure and inaccuracies are pointed out to the prospective client;
11) Inform promptly the prospect about the acceptance or rejection of the proposal by the insurer;
12) Advise every individual policyholder to effect nomination or assignment or change of address or exercise of options, as the case may be, and offer necessary assistance in this behalf, wherever necessary;
13) Render necessary assistance to the policyholders or claimants or beneficiaries in complying with the requirements for settlement of claims by the insurer;
14) Forward to the insurer any information received from the client regarding a claim or an incident that may give rise to a claim without delay;
15) Advise the client without delay of the insurer’s decision or otherwise of a claim; and give all reasonable assistance to the client in pursuing his claim;
16) Ensure that statements made regarding the policies to the customer are not misleading or extravagant;
17) Ensure the compliance of Section 64VB (4) of the Act;
18) Draw the attention of the client to Section 41 of the Act, which prohibits rebating and sharing of commission/remuneration;
19) Ensure the compliance of Anti Money Laundering and Know Your Customer guidelines in force;
2.No RAP or VLE-Ins shall –
1) Solicit or procure insurance business without holding a valid certificate;
2) Induce the prospect to omit any material information in the proposal form;
3) Induce the prospect to submit wrong information in the proposal form or documents submitted to the insurer for acceptance of the proposal;
4) Behave in a discourteous manner with the prospect;
5) Interfere with any proposal introduced by any other insurance agent or other insurance intermediaries;
6) Offer different rates, advantages, terms and conditions other than those offered by the insurer;
7) Demand or receive a share of proceeds from the beneficiary under an insurance contract;
8) Force a policyholder to terminate the existing policy and to effect a new proposal from him within three years from the date of such termination.
SCHEDULE-V
Obligations of Insurers (Regulation 15)
a) Insurer shall not pay any fee or remuneration, by whatever name called, other than the remuneration or charges as specified in the Regulation 12 of these regulations.
b) Product specific training process should be set in place by the Insurer for training of the RAPs and VLEs-Ins, and data on the training imparted during the quarter should be maintained by the Insurer to be submitted to the Authority as and when called for.
c) Develop suitable systems to redress customer grievances/complaints.
d) Develop simple insurance products, which are easy to understand by the RAPs, VLEs-Ins and rural customers and other lower income segments and file the same with the Authority for approval.
e) Develop suitable feedback mechanisms to bring in improvements in the services rendered, effect changes, if any, required in the policy terms and conditions.
f) Develop suitable system to ensure continued insurance protection and servicing to rural customers.
g) Insurers shall communicate the details of lapses, if any, committed by the RAPs and VLEs-Ins to CPSC-SPV for necessary action.
SCHEDULE-VI
Procedure for Disciplinary Proceedings against the CPSC-SPV and RAP and VLE-Ins and Suspension or
cancellation of Registration of CPSC-SPV and RAP and VLE-Ins (Regulation 18 & 19)
Part I
Suspension or Cancellation of Registration of the CPSC-SPV with Notice
The Authority may suspend or cancel the registration of CPSC-SPV for any one or more of the following reasons:
(i) Suffers, at any time during the period of the registration, from any of the disqualifications specified under subsection (5) of section 42D of the Act;
(ii) violates the provisions of the Act, Insurance Regulatory and Development Authority Act, 1999 and Rules, Regulations, Guidelines, Notices, Circulars made there under, such as:
a. Fails to furnish any information relating to its insurance related activities as required by the Authority.
b. Furnishes wrong or false information; or conceals or fails to disclose material facts in the application submitted for obtaining registration.
c. Indulges in rebates or inducements in cash or kind to a client or any of the client’s Directors or other employees or any person acting as an introducer.
d. Fails to carry out its obligations as specified in these Regulations.
e. Fails to comply with any of the conditions subject to which the registration has been granted.
f. Fails to comply with duties and obligations of CPSC-SPV towards RAP.
g. Fails to comply with duties and obligations of CPSC-SPV towards Insurers.
(iii) Resort to spurious calls or mis-selling;
(iv) Acts in a manner against the interest of the policyholders or against public interest.
Part II
Procedure to be followed while initiation of Action against or Suspension or cancellation of Registration of the
CPSC-SPV with Notice
1. The Authority shall issue a Show Cause Notice to the CPSC-SPV, requiring them to show cause within 21 days from the date of receipt of the notice, why the registration granted to the CPSC-SPV shall not be suspended or cancelled or any other action as considered appropriate by the Authority for the violations noted in the show cause notice shall not be taken.
2. The CPSC-SPV shall submit its reply to show cause notice issued by the Authority within the time limit stipulated in the notice.
3. Upon considering the reply, if any, the Authority may pass an order directing the suspension or cancellation of the registration granted to the CPSC-SPV or shall pass any other order as deemed appropriate based on the facts of the case.
4. The Authority shall communicate the decision to the CPSC-SPV within thirty days from the date of taking such decision stating therein the grounds on which the decision is taken.
5. The CPSC-SPV, aggrieved by the decision of the Authority may make an appeal to Securities Appellate Tribunal (SAT), as per the procedure prescribed for such an appeal.
6. In case the Securities Appellate Tribunal after consideration of the application made under clause (5) above, rejects the appeal, the Applicant can make a fresh application for grant of registration only after one year from the date of final rejection. The Authority may consider such application on merit.
Part III
Suspension of Registration of the CPSC-SPV without notice
The Registration of CPSC-SPV may be suspended without notice, provided the Authority has communicated the reasons for the same in writing:
(i) if it is found guilty of fraud, or is convicted for a criminal offence;
(ii) commits such defaults, which require immediate action in the opinion of the Authority.
The procedure to be followed while initiation of Action against the CPSC-SPV post suspension of registration, under this Part is as specified in clauses of Part II above.
Part IV
Cancellation or suspension of certificate of RAP and VLE-Ins with notice
(i) The Certificate of RAP and VLE-Ins may be cancelled or suspended after due notice and after giving him a reasonable opportunity of being heard, if the RAP and VLE-Ins is found guilty of misconduct or his conduct is not in accordance with the code of conduct as specified in these Regulations, or fails to carry out his obligations as specified under these Regulations.
(ii) The procedure to be followed while initiation of Action against the RAP and VLE-Ins will be as specified in Part II above as applicable to CPSC-SPV.
(iii) The procedure enunciated above shall be undertaken by the CPSC-SPV who shall then submit a report to the Authority for a decision.
Part V
Suspension of certificate of RAP and VLE-Ins without notice
(i) The certificate of RAP and VLE-Ins may be suspended without notice if he is found guilty of fraud, or is convicted for a criminal offence, or commits such defaults which require immediate action in the opinion of the Authority, provided that the Authority has communicated the reasons for the same in writing.
(ii) The procedure to be followed while initiation of Action against the RAP and VLE-Ins post suspension of registration, is specified in Part II above as applicable to CPSC-SPV.
(iii) The procedure enunciated above shall be undertaken by the CPSC-SPV who shall then submit a report to the Authority for a decision.
Part VI
Effect of Suspension or cancellation of registration of CPSC-SPV
(i) CPSC-SPV, whose registration has been suspended or cancelled by the Authority, shall, on and from the date of the receipt of the communication under these Regulations, shall cease to act as an intermediary and shall cease to solicit Insurance business.
(ii) On and from the date of suspension or cancellation of the registration of the CPSC-SPV, the CPSC-SPV shall:
a) not undertake any new assignment or contract related to insurance business or solicit or procure insurance business during the period of such debarment or suspension;
b) take such other action including the action relating to any records or documents and policies or money of the policyholders as per the directions of the Authority and relevant provisions of these regulations;
c) return the certificate of registration so cancelled to the Authority and shall not represent itself to be a holder of registration for carrying out the activity for which such registration had been granted;
d) make provisions as regards liability incurred or assumed by it;
e) take such other action including the action relating to recovery or seizure of any records or documents and policies of the policyholders that may be in custody or control of such person, within the time period and in the manner, as may be required under the relevant regulations or as may be directed by the Authority while passing order under this Schedule or otherwise;
f) take action as specified in these regulations.
SCHEDULE-VII
(Regulation 21)
Amendment to Insurance Regulatory and Development Authority of India (Payment of commission or
remuneration or reward to insurance agents and insurance intermediaries) Regulations, 2016
1. Regulation 2 – Definitions
d) “Insurance Intermediary” is as defined in Section 2(1)(f) of the Insurance Regulatory and Development Authority
Act, 1999 and for the purpose of this regulation includes –
Insert “4A. Common Public Service Centre-SPV” after “4. Insurance Marketing Firm”.
2. Regulation 4 – Applicability
i. The words “Insurance Regulatory and Development Authority of India (Insurance Services by Common Service Centre) Regulations, 2015 and ” shall be deleted.
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
Under Insurance Regulatory and Development Authority of India (Insurance Services by Common Public Service Centers) Regulations, 2019
Form – A
Application for Grant of Registration / Renewal of Registration
(Regulation 3.1(a), 6.1 & 6.2)
NAME OF THE APPLICANT : _________________________________________
CONTACT ADDRESS : _________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________
TELEPHONE NO. : _________________________________________
MOBILE NO. : _________________________________________
FAX NO. : _________________________________________
E-mail : _________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________
Instructions for filling up the form:
It is important that before this application form is filled in, the Regulations issued by the Authority are studied carefully.
Applicant must submit a duly completed application form together with all appropriate, supporting documents to the Authority.
Application for registration will be considered only if it is complete in all respects.
Applicants should sign the applications themselves.
Information which needs to be supplied in more details may be given on separate sheets which should be attached to the application form.
1. PARTICULARS OF THE APPLICANT
1.1 Name of the Applicant:
1.2 Address – Principal Place of business / Registered Office.
| Pin Code: | Email: | ||
| Tel No: | Fax No: | ||
| Mobile No: | |||
** (Attach List of Addresses of Branch Offices if any)
Name and Designation of the Principal Officer
2. ORGANISATION – STRUCTURE
Status of the Applicant:
(Limited Company-Private/ Public, Others. If listed, names of Stock Exchanges to be given)
| Name of the Company |
Status | Date of Incorporation (DD/MM/YYYY) |
Place of Incorporation |
Name of stock exchanges where listed |
3. BUSINESS INFORMATION
3.1 Three years’ business plan document with projected volume of activities and income (including anticipated) for which registration sought is to be specifically mentioned and attached to this application.
3.2 Organisation Chart separately showing functional responsibilities to be enclosed.
3.3 Particulars of Key Management Personnel.
| Name | Designation/Position | Qualification | Experience | Date of Appointment |
Functional Area |
3.4 Any other information considered relevant to the nature of services rendered by the applicant.
4. FINANCIAL INFORMATION
Capital Structure
(Rs. in lakhs)
| SNo | Capital Structure | Preceding year (X – 2) |
Preceding year (X-1) | Preceding year (X) |
| (a) | Authorized Capital and issued capital |
|||
| (b) | Paid-up capital | |||
| (c) | Free Reserves (Excluding Re- valuation reserves) | |||
| (d) | Total (b) + (c) |
Note: Please enclose three years’ audited annual accounts. If minimum capital requirement has been met after last audited annual accounts, audited statement of accounts for the period ending on a later date should also be submitted.
5. OTHER INFORMATION, IF ANY
5.1 Details of all settled and pending disputes: (Attach separate sheet and give full information in the format shown
below)
| Nature of dispute | Name of the party | Pending/settled |
** Attach sheet if required
5.2 Details, if any of any economic offences by the applicant or any of the Directors or Key Management Personnel in the last three years.
For and on behalf of
—————————————–
——————————————–
Principal Officer
Director
———————-
CEO / Managing
(Signature and Name of Applicant)
{Block Letters}
(Signature and Name of Applicant)
{Block Letters}
Place:
Date:
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
Under Insurance Regulatory and Development Authority of India (Insurance Services by Common Public Service
Centres) Regulations, 2019
Form – B
CERTIFICATE OF REGISTRATION
(Regulation 4.1 & 6.5)
In exercise of the powers conferred by sub-section (1) of section 42D of the Insurance Act, 1938 (4 of 1938) the Authority hereby grants a registration to
M/S …………………. ………………………………………….
to act as Authorised Intermediary to market the insurance products through the Rural Authorised Persons (RAP) and Village Level Entrepreneurs-Ins (VLE-Ins) under CPSC Model under the Insurance Regulatory and Development Authority of India (Insurance Services by Common Public Service Centers) Regulations, 2019.
Registration Code granted is
1. This certificate of registration shall be valid from ____________ to ___________
This certificate of registration is subject to the Act, Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) and the Insurance Regulatory and Development Authority of India (Insurance Services by Common Public Service Centers) Regulations, 2019,
2. and shall not be construed to be in compliance with or in conformity to any other Act, rules or regulations.
Place:
By Order
Date: _________
For and on behalf of
Insurance Regulatory and Development Authority of India
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
Under Insurance Regulatory and Development Authority of India (Insurance Services by Common Public Service Centers) Regulations, 2019
Form – B1
(Regulation 7.1)
Application for Duplicate Certificate of Registration
1. We, ___________ inform you that our Certificate of Registration No _______________ has been
1. Lost
2. Destroyed
3. Mutilated
By the following reasons ___________________________________
_________________________________
Fee payment:
A non-refundable fee of Rs. 1000/- shall be paid to Insurance Regulatory and Development Authority of India
Payment details:
Demand Draft No: ______________ Date: ___________________ Name of the bank:
_______________
Other modes of payment:
3. Declaration
We hereby apply for the duplicate certificate of registration under regulation 7.
We therefore request the authority to kindly issue a duplicate certificate of registration in light of the circumstances explained above.
We ___________ solemnly declare and confirm that the particulars given above are true to the best of our knowledge and belief.
Signature of Director 1
Signature of Director 2
Date: __________
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
Under Insurance Regulatory and Development Authority of India (Insurance Services by Common Public Service
Centers) Regulations, 2019
Form – B2
(Regulation 7.2)
DUPLICATE CERTIFICATE OF REGISTRATION
Registration No:
1. In exercise of the powers conferred by sub-section (7) of section 42D of the Insurance Act, 1938 (4 of 1938), the Authority hereby grants a duplicate certificate of registration to replace the Registration lost/destroyed/mutilated, to __________________
to act as Authorized Intermediary to market the insurance products through the Rural Authorized Persons (RAP) and Village Level Entrepreneurs-Ins (VLE-Ins) under CPSC Model under the Insurance Regulatory and Development Authority of India (Insurance Services by Common Public Service Centers) Regulations, 2019.
Registration Code granted is
2. This certificate of registration shall be valid from _________ to __________.
3. This certificate of registration is subject to the Act, Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) and the Insurance Regulatory and Development Authority of India (Insurance Services by Common Public Service Centers) Regulations, 2019,
4. and shall not be construed to be in compliance with or in conformity to any other Act, rules or regulations.
Place:
By Order
Date: _____
For and on behalf of
Insurance Regulatory and Development Authority of India
Dr. SUBHASH C. KHUNTIA, Chairman
[ ADVT. III/4/Exty./169/19]
