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The Insurance Regulatory and Development Authority of India issues a clarification to the Insurance Broker Regulations, 2018. The Chairman, IRDAI may relax the condition of the Indian promoter not being a subsidiary company. The Chairman applies this relaxation on merits and conditions. The Chairman considers the interests of the policyholders and the overall growth and development of the insurance sector.
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Cir. IRDAI/ BRK/ MISC/ CIR/039/02/ 2018
23.02.2018.
Re: Broker Regulations, 2018 – Clarification.
Reference is drawn to IRDAI's (Insurance Broker) Regulations, 2018 which came into force on 19th Jan 2018.
Following the notification it was observed that the proviso under explanation in schedule II - Form R under Regulation 20 (2) which was approved in the 98th Authority's meeting was missed out inadvertently.
Therefore under the powers given to Chairman, IRDAI under Regulation 59(3), the following provisio under explanation in Schedule II - Form R under Regulation 20(2) is hereby issued:
Provided the Chairman, IRDAI may relax the condition of the Indian promoter not being a subsidiary company as defined in the above section of the Companies Act, 2013 subject to merits and conditions, considering the interests of the policyholders and overall growth and development of the insurance sector.
[Image omitted. See the official document.]
P.J. Joseph Member (NL)
सर्वे नं. 115/1, फाइनेंशिायल डिस्ट्रिक्ट, नानकरामगुडा, हैदराबाद-500 032, भारत Survey No. 115/1, Financial District, Nanakramguda, Hyderabad-500 032, India (र) : +91-40-2020 4000,फैक्स : +91-40-2020 4555 (6) : +91-40-2020 4000, Fax : +91-40-2020 4555 वेबसाइट : www.irdai.gov.in Website : www.irdai.gov.in
