The Insurance Regulatory and Development Authority (IRDA) told insurance companies to abstain form doing business with 884 corporate agents who had not registered their PAN (permanent account number) with the agency licensing web portal.
On 11 July, IRDA had advised all insurers through the agency portal to update the income tax PAN number of their corporate agents on the agent licensing web portal before 31 July.
So far, 884 corporate agents have failed to register their PANs with IRDA’s Agency License Portal, IRDA said.
“In this respect, the insurers are advised to issue a show cause notice to the Corporate Agents … to furnish reasons for failure to produce the PAN number and why the Insurer should not recommend to the Authority for the cancellation of theircorporate agent license,” the regulator said in a statement.
Insurers have till 30 September to complete the exercise and should abstain from doing any business from these corporate agents until the PAN of the entities is registered in the portal by the insurers, the regulator said.
__________________________________
PAN FOR CORPORATE AGENTS
Circular No. IRDA/CAGTS/CIR/LCE/135/08/2010, dated 23-8-2010
The Authority advised all insurers on 11th July, 2010 through the agency portal to update the income tax PAN number of their corporate agents on the agent licensing web portal before 31st July, 2010.
We are herewith appending the list of 884 corporate agents (attached )existing in IRDA’s Agency License Portal, where the PAN of Corporate Agents have not been registered so far. In this respect, the insurers are advised to issue a show cause notice to the Corporate Agents under intimation to the Authority to furnish reasons for failure to produce the PAN number and why the Insurer should not recommend to the Authority for the cancellation of their corporate agent license.
The above exercise shall be completed before 30th September, 2010. The insurers shall abstain from doing any business from these corporate agents, until the PAN of the entities is registered in the portal by the insurers.
