Circular No. IRDA/CAGTS/GTL/LCE/106/06/2010, dated 28-6-2010
In order to streamline the system of Issue / Renewal of License to Corporate Agents, the Authority has, in addition to the Regulations and Guidelines already in force, decided to issue the following instructions under Section 14 of the IRDA Act, 1999 for compliance by the Insurers while issuing / renewing Licence to Corporate Agents. These guidelines shall for part of Cir.No.017/IRDA Circular/CA Guidelines/2005, dated 14.07.2005 and further circulars / clarifications issued from time to time.
The following procedure shall be adopted by all the Insurers for seeking prior approval from the Authority, before issuing Fresh Licence / Renewal of Licence to the Corporate Agents:
1. All the Insurers shall send to the Authority, the Checklist-cum-Certification as per Annexure-1, in respect of all Fresh Licences and the Renewals to obtain prior approval of the Authority.
2. The Checklist shall be duly filled in and signed by the Corporate Compliance Officer, who shall be designated as the Corporate Designated Person of the Insurer.
3. The scanned copy (.pdf document) of Checklist along with Certification shall be mailed to the Authority at the email address firstname.lastname@example.org for the purpose of processing at the office of the Authority.
4. The relevant documents supporting the facts of the Checklist shall be maintained at the Corporate / Head Office of the Insurer and shall be made available to the Officers of the Authority for Inspection, as and when required by the Authority.
5. On receipt and scrutiny of the Checklist-cum-Certification from the Insurer, the Authority shall intimate its decision of Approval or otherwise with in 7 (seven) working days from the date of receipt, to the Insurer in respect of the Fresh / Renewal of Licence to act as Corporate Agent.
6. Fresh / Renewal Licence shall be issued by the Corporate Designated Person of the Insurer from the IRDA portal (as per the existing procedure) only after obtaining prior approval of the Authority.
These Guidelines will apply with immediate effect.