Insurance Regulatory and Development Authority of India
Circular
Ref. No: IRDAI/INT/CIR/MISC/8/1/2022
Date: 17-01-2022
Re.: Clarification on Guidelines on Standard Professional Indemnity Policy for Insurance Brokers / Corporate Agent / Web Aggregators / IMF dated: 24.05.2021 ref.: IRDAI/INT/GDL/146/05/2021.
The Authority is in receipt of representation from Insurance Brokers Association of India seeking clarification on the meaning of the term ‘Capital Employed’ mentioned under the Item, “Retention (Each and Every Claim)”, of the Policy form under Section III of the abovementioned Guidelines.
The Authority hereby issues clarification that the term ‘Capital Employed’ refers to the Paid up capital of the entity.
Member (Distribution)
