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Insurance brokers must pay the annual license fee for the year 2017-18 before 30th September as per earlier regulations. Licensed brokers must also pay renewal fees based on their specific certificate renewal year. Direct brokers, reinsurance brokers, and composite brokers must send payment details to the designated email addresses. The authority provides specific bank accounts for fee and penalty payments.
What you must do
Key dates
Who is affected
Thresholds
Ask about this circular
[Image omitted. See the official document.]
IRDAI/BRK/MISC/CIR/098/06/2018
25th June, 2018
To
The Principal Officers, All Insurance Brokers,
Re : Clarifications on
The Authority has been receiving queries from the licensed brokers seeking clarification regarding amount of fee payable by the broker during the current financial year i.e. 2018-19.
Attention is drawn to Reg. 9 of the IRDAI (Insurance Brokers) Regulations, 2018 introducing the new concept of renewal fee in place of annual licence fee. As you are aware renewal fee is payable while filing the application for renewal of Certificate of Registration. The same is payable for the validity period of the Certificate of Registration.
It is hereby clarified that all licensed brokers shall pay annual license fee for the year 2017-18 as per the procedure laid in Reg. 14 of IRDAI (Insurance Brokers) Regulations, 2013 and the amount shall be payable before 30th September.
As regards Renewal fee, it is clarified as follows
Contd ..
सर्वे नं. 115/1, फाइनेंशियल डिस्ट्रिक्ट, नानकरामगुडा, हैदराबाद-500 032, भारत | Survey No. 115/1, Financial District, Nanakramguda, Hyderabad-500 032, India (ए) : +91-40-2020 4000 वेबसाइट : www.irdai.gov.in (A) : +91-40-2020 4000 Website : www.irdai.gov.in
(2)
It is reiterated that the bank accounts designated for broking companies for making various payments are mentioned hereunder.
| S.No. | Category of payment | Bank A/c number | IFSC Code | Name of Bank & Branch |
|---|---|---|---|---|
| 1 | Fees, etc | 860120110000686 | BKID0008601 | Bank of India, Basheerbagh, Hyd |
| 2 | Penalty | 860120110000682 | BKID0008601 | Bank of India, Basheerbagh, Hyd |
All the insurance broking companies are advised to furnish the details of remittances, invariably, as per the format given below to accounts@irda.gov.in and copy marked to brokers@irda.gov.in. The brokers, who have already made payments in the financial year 2018-19 are also requested to furnish the payment details.
| Name of the Entity | Type of the entity | Nature of Transaction | Amount in Rs. | Name of the Bank Branch | Mode of Payment (DD/NEFT/ RTGS) | Tr. No. UTR No/ DD No. | Date of Transaction |
|---|---|---|---|---|---|---|---|
| Annual Fee | |||||||
| Renewal Fee |
[Image omitted. See the official document.]
Randip Singh Jagpal Chief General Manager (Intermediaries)
