INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA 

Ref: IRDA/INT/CIR/IMF/122/05/2017                                                                                                                                    25th May, 2017

CIRCULAR

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.

P.J. Joseph

Member (Non-Life)

Encl: as above

Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad- 500004, India.

Ph.: 91-040-2338 1100, Fax.: 91-040-6682 3334

E- mail: irda@irda.gov.in, Web: www.irda.gov.in

Annexure-A

SI. No.

Union Territory

Allotted to

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
States
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

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