INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
Ref: IRDA/INT/CIR/IMF/122/05/2017 25th May, 2017
Sub: Procedure to be followed to deal with resignation of Insurance Sales Persons (ISPs) of Insurance Marketing Firms (IMFs).
Regulation 27.2 (b) of Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015 (hereinafter referred as IMF regulations) envisages that the resignation of ISPs of IMFs shall be approved by a Committee constituting members nominated by Life Insurance Council or General Insurance Council. Accordingly, a three-member Committee is constituted by the Authority.
Regulation 27.2 (c) of IMF Regulations stipulates that the authority shall allot States/ Union Territories (UTs) to Councils. Consequently, the authority has allotted States/ UTs to Life and General Insurance Councils to receive the requests from IMFs which are located in various States and UTs. The allocation of States and UTs is appended herewith as Annexure A.
On receipt of resignation letter from an ISP, the IMF has to forward the same along with the copy of its registration certificate either to the Life Insurance Council or General Insurance Council as per the above allocation under intimation to the Authority.
The Council shall forward the requests of ISPs to the Committee and the decision of the Committee shall be communicated to the IMF under intimation to the Authority.
This circular is issued under the powers vested with the Authority in Section 14 (2) of IRDA Act, 1999 read with Reg. 28 of IMF Regulations.
Encl: as above
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|1||Andaman and Nicobar Islands||Life Insurance Council|
|2||Chandigarh||General Insurance Council|
|3||Dadra and Nagar Haveli||Life Insurance Council|
|4||Daman and Diu||General Insurance Council|
|5||National Capital Territory of Delhi||Life Insurance Council|
|6||Lakshadweep||Life Insurance Council|
|7||Puducherry||General Insurance Council|
|1||Bihar||General Insurance Council|
|2||Chhattisgarh||General Insurance Council|
|3||Gujarat||General Insurance Council|
|4||Haryana||General Insurance Council|
|5||Jammu and Kashmir||General Insurance Council|
|6||Karnataka||General Insurance Council|
|7||Madhya Pradesh||General Insurance Council|
|8||Maharashtra||General Insurance Council|
|9||Meghalaya||General Insurance Council|
|10||Odisha||General Insurance Council|
|11||Rajasthan||General Insurance Council|
|12||Sikkim||General Insurance Council|
|13||Telangana||General Insurance Council|
|14||Tripura||General Insurance Council|
|15||Uttarakhand||General Insurance Council|
|16||West Bengal||General Insurance Council|
|17||Arunachal Pradesh||Life Insurance Council|
|18||Himachal Pradesh||Life Insurance Council|
|19||Nagaland||Life Insurance Council|
|20||Andhra Pradesh||Life Insurance Council|
|21||Assam||Life Insurance Council|
|22||Goa||Life Insurance Council|
|23||Jharkhand||Life Insurance Council|
|24||Kerala||Life Insurance Council|
|25||Manipur||Life Insurance Council|
|26||Mizoram||Life Insurance Council|
|27||Punjab||Life Insurance Council|
|28||Tamil Nadu||Life Insurance Council|
|29||Uttar Pradesh||Life Insurance Council|