IRDA ( Insurance Brokers) (Amendment ) Regulations~ 2007

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(iqi ~ \TI ~ ~ ~ ~ ~ I 4. v.,r ;;ni:rr ~ ~ r ~ ~ 1000!-(im ~if> 7,-;n: ,..-i:ri)) cfi1 'ffi1'9 7l"~ ~ TT:l <f, <'!f'<l cl,i 1l . ~ ~ qi] 'f"'IR &!?, :.j ~ ~ i:m ,. mtl1 ~rc;; :fh fqq;m J:;l1Udi{1l'J" a; m:, q ~<;{1-.1.-; r) ~I.I ~ • m 1?Jl. <J'q, :1:rv. ~; [ fcriITq, III/JV /~mull] 6 I ,o; ] [ 'WT III-~4] INSURANCE REGULATORY ANO DEVELOPMENT AUTHORITY NOTIFICATION Hyderabad, the 2nd November, 2007 Insurance Regulatory and Development Authority (Insurance Brokers) (Amendment) Regulations, 2007 F. No. IRDA/Aeg/4/41/2007.-ln exercise of the powers conferred by section 42 and section 114A of the Insurance Act, 1938 {4 of 1938}, the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following regulations to amend the Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2002, name!y·- 1. (1) These regulations may be called the Insurance Regulatory and Development Authority (Insurance Brokers) (Amendment) Regulations, 200?- (2)They shall come into force on the date of their publication in the Official Gazette. 2. In the Insurance Regulatory and Development Authority (Insurance Brokers) Regulations. 2002- 1. Sub-regulation (1) of Regulation 18 shall be substituted by - (1) Every applicant shall at the time of making an application for grant of licence pay such fees and in such -manner as specified in Schedule 11. 2. In Regulation 18 after Sub Regulation (1) the following shall be inserted: (1A) Every insurance broker shall pay the annual fees in such manner and within such a period as specified in Schedule II. In addition to the annual fees, every broker shall at the time of making an application for renewal of license pay such renewal fees and in such manner as specified in Schedule II. 3. In sub-regulation {2) of Regulation 18 the words 'sub-regulation (1 }" shall be. substituted by the words "sub-regulation (1 A)". 4. Substitution of new schedule for schedule II: For existing Schedule II, the following schedule II shall be substituted namely :- "Schedule II Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2002 [see Regulation 18} FEES 1 (a) Every insurance broker shall at the time of application for license, pay a refundable ap lication fees as set out below: ·-- ·----- ---------, 1----C_a_te~_f?..'Y.. of insurance broker Amount of a lication fee a able Rs. non- Direct broker 20,000 1 Reinsurance broker 25,000 L....i C_om __,_p_os_it_e_b_r_ok_e_r _ _ _ _ _ _____ ...__ _ _ _ _ _ _ 4Q,00O 2. Every insurance broker shall pay annual licence fees as set out below: Catego~ of insurance broker Amount of licence fee payable per annum Direct broker A sum ·calculated at the rate of 0.50 per cent of remuneration earned in the preceding financial year subject to minimum of Rs.25.000 and maximum of Rs.1,00,000. A sum calculated at the rate of 0.50 per cent of remuneration Reinsurance broker earned in the preceding financial year subject to minimum of Rs.75,000 and maximum of Rs.3,00,000. A sum calculated at the rate of 0.50 per cent of remuneration earned in the preceding financial year subject to minimum of Composite broker Rs 1,25,000 and maximum of Rs.5,00,000. 3 4 THE GAZETI'E OF INDIA: EKIRAORDINARY {PART Ill-SEC. 4] 3. The Jicence fee shall be paid before the expiry of 15 days from the finalization of annual audited accounts of the broker or till the 30th of September whichever is earlier. 4. Every Broker shall pay a renewal fee of Rs. 1000/- (Rupees one thousand only) along with application for renewal of the licence. 5 The fees shall be payable by an Account Payee draft in favour of The Insurance Regulatory and Development Authority" payable ar Hyderabad."' C. S. RAO, Chairman [ADVf. lll/lV/ExtyJ 161/07] Printe<l by the Manager, Govt of India Press, Ring Road, Mayapuri, New Dclhi-110064 ar.d Published by the Comroller of Publication~. Dclhi-1 10054.