IRDAI circular IRDAI/INT/CIR/MISC/8/1/2022 · 12 Jan 2022
Official title
Clarification on Guidelines on Standard Professional Indemnity Policy for Insurance Brokers/Corporate Agents/Web Aggregators/IMF
Summary
Check the official recordThe Insurance Regulatory and Development Authority of India clarifies the definition of the term Capital Employed. This term applies to the Professional Indemnity Policy for insurance brokers, corporate agents, web aggregators, and insurance marketing firms. The term refers to the paid up capital of the entity. This clarification relates to the retention clause under Section III of the guidelines issued on 24 May 2021.
What you must do
Key dates
Who is affected
[Image omitted. See the official document.]
IRDAI/INT/CIR/MISC/8/1/2022
12.01.2022
Re.: Clarification on Guidelines on Standard Professional Indemnity Policy for Insurance Brokers / Corporate Agent / Web Aggregators / IMF dated: 24.05.2021 ref.: IRDAI/INT/GDL/146/05/2021.
The Authority is in receipt of representation from Insurance Brokers Association of India seeking clarification on the meaning of the term 'Capital Employed' mentioned under the Item, "Retention (Each and Every Claim)", of the Policy form under Section III of the abovementioned Guidelines.
The Authority hereby issues clarification that the term 'Capital Employed' refers to the Paid up capital of the entity.
NAGHARAJA N RAJESWARI
Digitally signed by NAGHARAJA N RAJESWARI
Date: 2022.01.17 15:45:36 +05'30'
Member (Distribution)
