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IRDA (Insurance Brokers) Regulations, 2018

(1) These regulations may be called the Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018. (2) These regulations shall come into force on the date of their publication in the Official Gazette and supersede Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2013 with effect from such date.

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

NOTIFICATION

Hyderabad, the 12th January, 2018

Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018

F. No. IRDAI/Reg/2/149/2018 – In exercise of the powers conferred by sections 42D, 42E and 114A of the Insurance Act, 1938 (4 of 1938) read with sections 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 these Regulations is to supervise and monitor insurance broker as an insurance intermediary.

1. Short title and commencement. — (1) These regulations may be called the Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018.

(2) These regulations shall come into force on the date of their publication in the Official Gazette and supersede Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2013 with effect from such date.

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Categories: Corporate Law

View Comments (1)

  • Hi,
    Could you please clarify section 13, sub section 1, where it says that, "The Insurance Broker registered under these regulations shall act exclusively to carry on the business of an
    insurance broker as permitted under these regulations"

    What would be the implications of the same and would companies operating with licences under 2013 regulations, have to re-structure their company?

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