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On 14th June 2023, the Insurance Regulatory and Development Authority of India (IRDAI) issued a circular to all insurance intermediaries and insurers, informing about the repealing of various redundant circulars, guidelines, and clarifications. This initiative is a significant step towards rationalising and streamlining the regulatory framework. By eliminating dated and unnecessary directives, the IRDAI aims to provide clarity and reduce the complexity involved in compliance requirements.
The repealed circulars range across various sectors of insurance, from broker-related guidelines to agency distribution and surveyor instructions. This significant move from the IRDAI is a response to the subsequent regulations, guidelines, updates, and the lapse of time-specific instructions. The repealed circulars are listed in ‘Annexure – A’ attached to the circular.
The IRDAI’s decision highlights the authority’s commitment to continuously update and refine its regulatory approach to align with the changing dynamics of the insurance sector. It is crucial for insurance intermediaries and insurers to stay updated with these changes, ensuring compliance and capitalising on new regulatory opportunities.
Insurance Regulatory and Development Authority of India
Circular Ref No: IRDAI/INT/CIR/MISC/ 129/6/2023 Date: 14th June 2023
To
All Insurance Intermediaries and Insurers,
Re: Repealing of redundant Circulars/ Guidelines / Clarifications etc.
1. To rationalise, streamline the regulatory framework, enhance clarity and reduce complexity in compliance requirements, various redundant circulars/guidelines/clarifications issued by the Authority are repealed. This action is taken in response to the issuance of subsequent regulations, guidelines, updates and lapse of time-specific instructions. The list of circulars/guidelines/clarifications repealed are attached to this circular as ‘Annexure – A’.
2. This has the approval of the competent authority.
J ANITA
CHIEF GENERAL MANAGER (INTERMEDIARIES)
Encl: Annexure –‘A’
| ANNEXURE A | |||
| Brokers | |||
| Sl No | Name of Circular/ Guideline / Clarification | Reference No. | Date of Issuance |
| 1 | The Principal Officers of Licensed Insurance Brokers | IRDA/BRO/36/AUG-04 | 18/Aug/2004 |
| 2 | Remuneration and Remuneration payable to Direct Ins. Broker & Ins. Agent | IRD/CIR/BRO/074/FEB-05 | 22/Feb/2005 |
| 3 | THE PRINCIPAL OFFICERS OF LICENSED INSURANCE BROKERS | 026/IRDA/INS.BROKERS/OCT05 | 11/Oct/2005 |
| 4 | BROKERS –ON-LINE-FILING OF ANNUAL RETURNS | 009/IRDA/BRO/MAY06 | 26/May/2006 |
| 5 | Limits on payment of commission or brokerage on general insurance business | 033/IRDA/BROK-COMM/DEC-06 | 4/Dec/2006 |
| 6 | Insertion of word Insurance Broker/Brokers /Broking in the name of Company | 011/IRDA/CIR/BRO/MAY-07 | 21/May/2007 |
| 7 | Limits on payment of commission or brokerage on general insurance business with effect from 1 st October 2008 | 011/IRDA/BROK-COMM/AUG-08 | 25/Aug/2008 |
| 8 | Claim consultancy by insurance brokers | IRDA/BRK/CIR/GLD/270/12/2011 | 7/Dec/2011 |
| 9 | Circular regarding Broking Business | IRDA/DIST/BRK/CIR/MISC/204/10/201 3 | 11/Oct/2013 |
| 10 | Furnishing of Office Addresses | IRDA/BRK/MISC/CIR/143/06/2014 | 18/Jun/2014 |
| 11 | Furnishing of Business figures and remuneration | IRDA/BRK/MISC/CIR/144/06/2014 | 18/Jun/2014 |
| 12 | Sale of insurance products through online and/or by tele-marketing mode | IRDA/BRK/MISC/CIR/190/08/2014 | 12/Aug/2014 |
| 13 | Filing of returns through Business Analytics Peoject(BAP) – Broker Module | IRDA/BROKER/MISC/CIR/232/10 /2014 | 21/Oct/2014 |
| 14 | Appointment of Auditors by the Insurance Brokers | IRDA/BRK/MISC/CIR/240/10/2014 | 30/Oct/2014 |
| 15 | Filing of returns through Business Analytics Project (BAP) | IRDA/BROKER/MISC/CIR/276/12/2014 | 17/Dec/2014 |
| 16 | Guidelines on Indian owned and controlled for Insurance Intermediaries | IRDA/INT/CIR/ORD/208/11/2015 | 20/Nov/2015 |
| 17 | Approach in case of non-compliance of IRDA’s (Insurance Broker) Regulations, 2015 | IRDA/INT/MISC/ORD/014/01/2016 | 15/Jan/2016 |
| 18 | Withdrawal of circular no. IRDA/DIST/BRK /CIR/205/10/2013 dt. 30.10.2013 | IRDA/BRK/MISC/CIR/120/05/2017 | 24/May/2017 |
| 19 | Filing of appropriate data in the Business Analytics Project (BAP module) | IRDA/BRK/MISC/CIR/172/07/2017 | 24/Jul/2017 |
| 20 | Brokers regulations 2018 – clarification | IRDAI/BRK/MISC/CIR/039/02/2018 | 23/Feb/2018 |
| 21 | Additional time allowed for filing Regulatory Returns to all insurance intermediaries | IRDAI/INT/CIR/MISC/087/04/2020 | 9/Apr/2020 |
| 22 | Additional time allowed for filing Quarterly returns – Q4- 2019-20-Regulatory returns to all insurance intermediaries | IRDAI/INT/CIR/MISC/118/05/2020 | 13/May/2020 |
| 23 | Additional time allowed for filing all returns due on 31st March, 2021 | IRDAI/INT/CIR/MISC/116/04/2021 | 30/Apr/2021 |
–
| Agency Distribution | |||
| Sl No | Name of Circular/ Guideline / Clarification | Reference No. | Date of Issuance |
| 1 | Guidelines on Qualifications of Corporate Insurance Executives and Faculty June 2009 | IRDA/AGENTS/ORD/17/JULY/2009 | 3-Jul-09 |
| 2 | Insurance Qualification of the Corporate Agent | IRDA/ AGENTS/ORD/25/AUG 2009 | 6-Aug-09 |
| 3 | Transfer of Agency/Corporate Agency Agreement from one Insurer to another | 31/IRDA/CA/CIR/SEP-09 | 2-Sep-09 |
| 4 | New Agency Licensing Portal – Clarifications/Instructions | IRDA/CAGTS/CIR/LCE/082/05/2010 | 17-May-10 |
| 5 | Transfer of Corporate Agency from One Insurer to another | IRDA/CAGTS/CIR/LCE/092/06/2010 | 7-Jun-10 |
| 6 | Inspection of Corporate Agents by Insurers | IRDA/CAGTS/CIR/LCE/093/06/2010 | 7-Jun-10 |
| 7 | Guidelines on Issue / Renewal of Licence to Corporate Agents | IRDA/CAGTS/GTL/LCE/106/06/2010 | 28-Jun-10 |
| 8 | PAN For Corporate Agents | IRDA/CAGTS/CIR/LCE/135/08/2010 | 23-Aug-10 |
| 9 | Guidelines for Individual Agents for Persistency of Life Insurance Policies | IRDA/CAD/GDL/AGN/016/02/2011 | 11-Feb-11 |
| 10 | Guidelines Pertaining To Individual Agents | IRDA/CAD/GDL/AGN/016/02/2011 | 15-Feb-11 |
| 11 | Guidelines Pertaining To Agents. | IRDA/CAD/GDL/AGN/052/03/2011 | 25-Mar-11 |
| 12 | Guidelines Pertaining to Corporate Agents | IRDA/Life/GDL/AGN/266/12/2011 | 7-Dec-11 |
| 13 | Guidelines pertaining to Agents. | IRDA/CAGTS/GDL/028/02/2013 | 18-Feb-13 |
| 14 | Guidelines pertaining to Archived Agency Licenses. | IRDA/AGTS/CIR/GLD/066/04/2013 | 4-Apr-13 |
| 15 | Pre-Recruitment Examination of Insurance Agents | IRDA/AGTS/GDL/CIR/108/05/2013 | 30-May-13 |
| 16 | Transfer of Agency / Corporate Agency License from one insurer to another | IRDA/CAGTS/CIR/142/07/2013 | 25-Jul-13 |
| 17 | Guidelines pertaining to Agents. | IRDA/DIST/GDL/MISC/183/09/2013 | 12-Sep-13 |
| 18 | Agents Pre-Recruitment Examination – New Syllabus (IC-34) | IRDA/AGTS/MISC/CIR/041/01/2014 | 28-Jan-14 |
| 19 | Agents Pre Recruitment Examination – New Syllabus (IC-33) | IRDA/AGTS/CIR/LCE/164/07/2014 | 15-Jul-14 |
| 20 | Guidelines On Appointment Of Insurance Agents, 2015 | IRDA/AGTS/CIR/GLD/046/03/2015 | 17-Mar-15 |
| 21 | Guidelines on Appointment of Insurance Agents 2015 | IRDA/AGTS/GDL/CIR/060/04.2015 | 1-Apr-15 |
| 22 | IRDAI (Appointment of lnsurance Agents) Guidelines, 2015- lnstructions | IRDA/AGTS/CIR/GLD/081/04/2015 | 22-Apr-15 |
| 23 | URNs Created before 01st April 2016 in respect of Specified Persons of Corporate Agents | To all CEOs of the insurers | 18-May-16 |
| 24 | Deferment of Individual Agents & Corporate Agents Exam | IRDAI/Corp Agents/2019-20/03/01 | 20-Mar-20 |
| 25 | Board Approved Policy for payment of Rewards – FY 2020-21 onwards | IRDAI/INT/CIR/MISC/ 080/ 04/ 2020 | 3-Apr-20 |
| 26 | Corporate Agency matters of the PSBs that have merged wef 1st April 2020 | IRDAI/CA/CIR/MISC/086/04/2020 | 8-Apr-20 |
| 27 | Allowing IC-38 exams for individual agents through remote proctor on pilot basis | IRDAI/CAD/CIR/MISC/267/11/2020 | 4-Nov-20 |
–
| Surveyors | |||
| Sl. No. | Name of Circular/ Guideline / Clarification | Reference No. | Date of Issuance |
| 1 | Revised Financial Limits of categorised SLAs | Nil | 24-May-2003 |
| 2 | Loss Survey Limits for Categorized Surveyors | 026/IRDA/SUR/CIR/DEC-08 | 22-Dec-2008 |
| 3 | Stopage of Professional Services by Surveyors on 7th & 8th December 2009 | IRDA/SUR/MISC/CIR/074/11/2009 | 17-Nov-2009 |
| 4 | Appointment of Surveyors and Loss Assessors | 27/IRDA/SUR/CIR/AUG10 | 27-Aug-2010 |
| 5 | Integrated Surveyor Licensing Management System | IRDA/Sur/Misc/Cir/126/06/2012 | 7-Jun-2012 |
| 6 | Extension of time for submission of Views /Comments/Suggestions on Exposure | IRDA/SUR/MISC/CIR/237/10/2012 | 10-Oct-2012 |
| 7 | Changes mandated in respect of Corporate Surveyors | IRDA/SUR/AREG/CIR/085/05/2013 | 6-May-2013 |
| 8 | IRDA Surveyor Regulations (Amended), 2013 & Updation of Surveyor Data for ONLINE Licensing System | IRDA/SUR/AREG/CIR/086/05/2013 | 6-May-2013 |
| 9 | Notice to all Corporate Surveyors | IRDA/DIST/SUR/CIR/203/10/2013-13 | 10-Oct-2013 |
| 10 | Categorisation And Upgradation Of Surveyors. | IRDA/SUR/AREG/CIR/087/10/13 | 17-Oct-2013 |
| 11 | Online system for licensing and renewal | IRDA/SUR/NTC/MISC/269/12/2014 | 23-Jan-2015 |
| 12 | Clarifications on Transitory Provisions under section 64UM(3) read with regulation 27 of The IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015 | IRDA/SUR/MISC/CIR/180/09/2016 | 7-Sep-2016 |
| 13 | Contact details of Surveyor Department at Delhi | IRDA/SUR/CON/MISC/03/2017 | 31-Mar-2017 |
| 14 | Time limit for filing Returns under Regulation 21 of IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015 | IRDA/SUR/CIR/MISC/222/09/2017 | 21-Sep-2017 |
| 15 | List of Surveyors and Loss Assessors dated 30/10/2018 | IRDA/SUR/NTC/MISC/193/11/2018 | 5-Dec-2018 |
–
| IMF / Web Aggregators / MISP | |||
| S.No. | Name of Circular/ Guideline / Clarification | Reference No. | Date of Issuance |
| 1 | Clarifications on IRDAI (Registration of Insurance Marketing Firm) Regulations, 2015 | IRDA/INT/CIR/IMF/041/03/2016 | 3-Feb-16 |
| 2 | Removal of cap on maximum credit hours per day pertaining to training requirements for Principal Officer and Insurance Sales Person(s) of Insurance Marketing Firms. |
IRDA/INT/CIR/IMF/119/06/2016 | 14-Jun-16 |
| 3 | Procedure to be followed to deal with resignation of Insurance Sales Persons(ISPs) of Insurance Marketing Firms (IMF) | IRDA/INT/CIR/IMF/122/05/2017 | 26-May-17 |
| 4 | Payment of reward under MISP on stand-alone Motor Third Party Insurance | IRDA/INT/CIR/MISP/142/09/2018 | 9-Apr-18 |
| 5 | Clarification on outsourcing activities undertaken by Insurance Web Aggregators and remuneration payable |
IRDAI/INT/CIR/WBA/202/12/2018 | 12-Jun-18 |
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