IRDA(Licencing of Insurance Agents) (Amendment) Reg~2002

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INSURANCE REGULATORY AND DEVEWPMENT AUTHORITY NOTIFICATION New Dclhl, U1c 1601 October, 2002 The Insurance RcJ.,'lllatory and DeveJ01lmcnt Authori~· (Licensing of Co-,ioratc AJ,:cnts) Regulations, 20112 F.No. lRDA/Rel!,.110/20112.- In exercise of the powers conferred by section 42 and section 42D anJ clauses lKT.(l), tm), (n), (o) and (p) of sub-section (2) of section 114A of the lnsurance Acl. 1938 (4 of 1938), I.he Authority, in consuJtation with the Insurance Advisory Comminee, hereb) muies the following regulations namely:- l. Short title and commencement.-(1) These regulations may be called the insurance Regulator} and Development Authority (Licensing of Corporate Agents) Regulations, 2002. (2) They shall come into force on the date of their publication in the Official Gazette. 2. Detinitions.-ln these regulations, unless the context otherwise requires, - (u) "tlu" means the Insurance Act, 1938 (4 of 1938); 19 (hJ "Approved Institution" means an Institution engaged in education and/or training particular!) in the area of insurance sales, service and marketing, approved by the Authoriry; (cJ .. rl.uthoriry" means the Insurance Regulatory and Development Authority established under Lhc provisions of Section 3 of the Insurance Regulatory and Development Authc,rity Act, 1999 ( 41 of J 999); rd) "Certijication" means the process by which a Specified Person of the Corporate Agent, who has successfully undergone practical training and passed the required examination, is issueJ a Certificate entitling him to solicit and procure insurance business on behalf of the Corporate: Agent; (e) "Composite Corporate Agent" means a Corporate Agent who holds a licence LO act as an insurance agent for a Life insurer and a general insurer; (/) "Cmporate Agent" means any person specified in clause (k) and licensed Lo act as such; (gJ ··corporate Insurance Executive" in lhe case of a company or firm means. a director or a parmer or one or more of its officers or employees so designated by it, and in the case of any other person. the chief executive, by whatever name called, or one or more of his employees designated by him, who possesses the requisite qualifications and practical training and who have passed such an examination as required under clauses (e) and (f) of Section 42 of the Act. (h) "Designated person'' means an officer normally in charge of marketing operations, as specilic<l by an insw-er, and authorised by the Authority to issue or renew licences under these regulations; (i) .. Examinwion Body" means an lnstitution, which conducts pre-recruitment tests for insuruncl' agents and which is duly recognised by the Authority; UJ "licence " means a certificate of licence to act as an insurance agent issued und~r 1hl.!s1.: regulations: (k) "Person" means i. a firm; or ii. a company formed under the Companies Act, 1956 ( I of 1956); or iii. a banking company as defined in clause (4A) of section 2 of the Act; or THEGAZElTEOrlNDIA E:\7l{AORDINARY IP.\1t1 Ill Su· -l] I\. a c01Te::.ponJing 1h!\\ bank as defined under clause (d(a)) of sub-section t l) of ::.ection 5 lll" the Bank111g Companies Act. 1949 ( l O of 1949): or \ . ..i regional rural bank established unJer section 3 of the Regional Rural Banks Act, I CJ76 (21 ot"1976);or , 1. a co-operative society including a co-operative bank, registered under the Co-opcrati\ c Societies Act, 1912 or under any lav-: for the registration of co-operative societies; or \ 11. a p,.rncha) at nr a loi.:al authorit): or \ iii. a Non-Governmentul organisation or a micro lending finance organisation co\ ere<l unJl:!r the Co-operative Societies Act, 1912 or a Non Banking Financial Company registered \\ 1th 1he Resene Bank. of India: or 1,. un) other inslitulion or organisation which on an application to the Authority is spccitically apprO\ ed b) the Authority_ rl, ··Prac11cal rruining" includes orientat10n. pruti~ularly in the area or insurance saks. servict: anJ marketing. through training mo<luli.!s as approved by the Authority: r111J 'Recox111sed Bvard or Institution" ml!ans such board or instltlllion as may be rewgniscJ b~ an:, State Go,enunent or the Central Government: (IIJ ".\JJf!l'i/ieJ Persvn" means a director or a partna or one or mon: of its oflicers or other cmplo) ees so designated by the corporate agent and. in the case of any other person. the chief ext!cuti\,e, by whate, er name called, or one or more or the employees designated by him, v. ho hJs untlergone the practical training, examination. certification and who is responsible for soliciting and procuring insurance business on behalf of the Corporate Agem: ( 2 l All \\ ords and expressions used herein and not defined but tic fined in the Act_ or in th!.:! Insurance Regulatory and Development Authority Act, 1999 (41 of 1999). or in an) ol the regulations made by the Authority shall have the meanings respecti,ely assigned to them in those Acts ur regulations. 3. lssue or renewal of licence. --- (I) A person desiring to obtain or rene\.\ a licence (hereinarter rekrreJ to as .. the applicam") to act as a corporate agent or a composite corporate agent shall proceed us follovvs;- [a) the applicant shall make an application to a designated person in Fom1 IR.DA-Corporate Agcnts- A-1: Pn)\ 11ktl that the applicant, who desires to be a composite corporate agent. shall mak.e t\\o such si.:p .. ll"atc applications. (bl I he li:<.:s pajable by lhe applicant to the Authority shall be as specified in Regulation 7. (2 l rhc designated person may, on receipt or the application along v.ith the e1, idencc of pa}mcnt of Ices to lhc Authorit). and on being satisfied that lhe corporate insurance c:-.ecuti"e or the applicant:- ( i) possesses the qualifications as specilied under Regulation 4: ( ii J pussc:sses the practical training as specitietl under Regulation 5: 1 iii) has passetl the exan1ination as spi.!cifie<l under Regulation 6: ( i, J has fw-nished an application complete in all respects: (\ l has the requisite knowk<lge to solicit anti procure insurance business: and (, i J is capabk of providing the necessary service to lhe pol it:) holders; g.rant ur rcne,,. us the case may be. a licence in Form (RDA-Corporate Agcnts-L-1: Pru, idi.:d that the identity carJ .shall he in Form !RDA- Corporate :\gents-l0-1. 21 Pru\'idcd that a licence issued in accordance with this regulation shall entitle the applicant to act as corporate insurance agent for one life insurer or one general insurer or both. as the case may be. Notv. ith:standing anything contained in the above, the Authority may refuse or reject, for reasons being recorded. an application if it feels that the grant of licence may be against public interest or \\ hen the application is from such a person or group of persons who is or are already engaged as insurance agents, brokers, etc. (3) I he designated person shall grant or renew the licence within a period of 3 months from the <late of application. <-0 lhe cksig.nated person shall, if the consideration of the application is likely to get delayed. \\ ith1n 60 Ja) s of the receipt of the application inform the applicant the rea:sons for such a dda}. and the likdy t1111e IL would take to do so. (5) If the tksignated person refuses to grant or renew a licence under this regulation. he shall gin: the 1-...:J::;ons thereof to the applicant. ( o I An indi, idual desiring to become a Specified Person of a corporate agent/ composite corporatt: :.i~ent shall appl) through the corporate agent/ composite corporate agent in Form JR.DA-Corporate 1\ge111-A-2 to the insurer. < 71 1 he tksignated person of the insurer may. on receipt of such an application along with the e, iJl"nce ot' paym1.:nt of Ji.:cs to the Authority, grant or renew, as the case ma) be. a certi licate in l·orm IRD \-Corporace Agents-1.-2: (81 lhc lees pa~abk by the applicant to the Authority shall be as specified in Regulation 7. 4. Qualifications. -- ( l) fhe applicant being a corporate agent shall ensure that depend111g upon tht· nature or the entity, the Partnership Deed, Memorandum of Association or an) other document c\'iJencing the constitution of the entll} shall contain as one of its ma111 objects soliciting or pnu.:uring insura.m:t: business as a Corpornte Agent. ( 2 I I he 1.:orporate insurance executive shall possess tht: minimum qualtticauon of a pass 111 12th Stan~lard or equi,alent examination conducted by any recognist:d 13oard/lnstitu1ion. \\here the applKanl rcs1Jes in a place 'hilh a populauon ot li\.e thousand or mon: as per the last census. and a pass in I 0th Standard or equivalent examination from a recognised Board/ lnsttlution if the applieant res1Jes in an) other place. (3) .\ spcctli1.:d person shall posse::;s the minimum qualifications stipulatl!d in suh-n:gulation (2l ah,nL Hl bcr~ eurporatt.: insurance e:xccutivl! and each of the specified persons shall also 1101 suffi:r from an~ ot'thc dis4ual1lications specified under Section 42D of the Act. 5. t•raclical Training. --- (I) Where an applicam is seeking licence for the tirst time to act as a l.'.lHporatc agent. a corporate insurnn1.:e t!Xecutive of such an applicant shall have complt!te<l from an appnl\eJ institution. at kast. one hun<ln:d hours' practical training which ma) be spreaJ O\er 1hre1: 1,, 1i,ur \\\..'cb. in Lither lite or general msurance business. as the case may be. THE G,\ZElTE OF INDIA E.\TRAORDINARY IP,\k I I II- SEC. ➔I Provided that the corporate insurance executive of the applicant shall have completed from an approved. institution, at least, one hundred fifty hours' practical training which may be spread over six to eight weeks both in life and general insurance business, where such an applicant is seeking licence for the first time to act as a composite corporate agent. (2) Where the corporate insurance executive of the applicant, referred to under sub-regulation ( 1 ), lS--- (a) an Associate/Fellow of the Insurance Institute of India, Mumbai~ (b) an Associate/Fellow of the Institute of Chartered Accountants of India. New Delhi; (c) an Associate/Fellow of the Institute of Costs and Works Accountants of India, Calcutta; (d) an Associate/Fellow of the Institute of Company Secretaries oflndia, New Delhi; (e) an Associate/Fellow of the Actuarial Society of India, Mwnbai; (t) a Master of Business Administration of any Institution/ University recognised by any State Government or the Central Government; or lg) possessing Certified Associateship of Indian lnstitute of Bankers (CAIIB); or (b) possessing any professional qualification in marketing from any Institution/ University recognised by any State Government or the Central Government-- he shall have completed, at least, fifty hours' practical training from an approved institution. Provided that such corporate insurance executive of the applicant shall have completed from an approved institution, at least, seventy hours' practical trainmg in life and general insurance business. where such applicant is seeking licence for the first time to act as a composite corporate agent. (3) A Specified Person shall undergo a practical training of not less than l 00 hours in life or general insurance business, as the case may be, from an approved institution. In case of training in both life and general insurance, the duration of practical training shall be not less than 150 hours. However. if he falls within one of the categories as given in sub-regulation (2) above, he shall have completed fifi> hours from an approved institution. Provided that such a specified person of the corporate agent shall have completed from an approved institution, at least, seventy hours' practical training in life and general insurance busmess, where such specified person of the corporate agent is seeking certificate for the first time which will enable him to procure both life and general msurance business. 6. Examination.- (1) The corporate insurance executive of the applicant or a specified person shall have passed the pre-recruitment examination in life or general insurance business, or both, as the case may be, conducted by the Insurance Institute of India, Mumbai, or any other examination body duly recognised by the Authority. 2) The examining body shall issue a certificate to every successful specified person, which shall enable him to procure insurance business on behalf of the corporate agent he is working for. 7. Fees payable.-- (1) The fees payable to the Authority for issue or renewal of licence to act as a corporate agent shall be rupees two hundred and fifty. (2) Eve[) specified person of the corporate agent shall, apply through the corporate agent to the designated person of the insurer to obtain the certificate, accompanied by a fees of rupees five hundred remitted to the Authority ~cfil~:~ 23 ·s. Remuneration: 1) Every Corporate Agent shall be paid a commission as per provisions of Section 40 A of the Act. 2) Every specified person shall be an employee of the corporate agent. 9. Code of Conduct.- I) Every Licensed Corporate Agent shall abide by the code of conduct specified below: Every corporate agent shall: a) be responsible for all acts of omission and commission of its corporate insurance executive and every specified person; b) ensure that the corporate insurance executive and all specified persons are properly trained. skilled and knowledgeable in the insurance products they market; c) ensure that the corporate insurance executive and the specified person do not make to the prospect any misrepresentation on policy benefits and returns available under the policy; d) ensure that no prospect is forced to buy an insurance product; e) give adequate pre-sales and post-sales advice to the insured in respect of the insurance product; () extend all possible help and cooperation to an insured in completion qf all formalities and documentation in the event of a claim; g) give due publicity to the fact that t.he corporate agent does not underwrite the risk or act as an insurer; h) enter into service level agreements with the insurer in which the duties and responsibilities of both are defined. 2) Every corporate agent or a corporate insurance executive or a specified person shall also follow the code of conduct specified below: (i) Every corporate agent/ corporate insurance executive/ specified person shall,--- (a) identify himself and the insurance company of whom he is a representative; {b) disclose his licence/ certificate to the prospect on demand; (c) disseminate the requisite information in respect of insurance products offered for sale by his insurer and take into account the needs of the prospect while recommending a specific insurance plan; (d) disclose the scales of commission in respect of the insurance product offered for sale. if asked by the prospect; (e) indicate the premium to be charged by the insurer for the insurance product offered for sale; (f) explain to the prospect the nature of information required in the proposal form by the insurer, and also the importance of disclosure of material information in the purchase of an insurance contract; (g) bring to the notice of the insurer any adverse habits or income inconsistency of the prospect, in the fom1 of a report (called "Insurance Agent's Confidential Report") along ,vith every proposal submitted to the insurer, and any material fact that may adversely affect the underwriting decision of the insurer as regards acceptance of the proposal, by making all reasonable enquiries about the prospect; (h) inform promptly the prospect about the acceptance or rejection of the proposal by the insurer; Tl IE GAZETTE OF INDIA : EXTRAORDTNAR Y [P,\lu Ill -SE<' 41 (i) obtain the requisite documents at the time of filing the proposal form with thl! insurer; and other docwnents subsequently asked for by the insurer for completion of the proposal; (i) render necessary assistance to the policyholders or claimants or beneficiaries in complying with the requirements for settlement of claims by the insurer; (k) advise every individual policyholder to effect nomination or assignment or change of address or exercise of options, as the case may be, and offer necessary assistance in this behalf, wherever necessary; (ii) No corporate agent/ corporate insurance executive/ specified person shall,---- (a) solicit or procure insurance business without holding a valid licence/ certificate; (b) induce the prospect to omit any material information in the proposal form; (c) induce the prospect to submit wrong information in the proposal foffil or documents submitted to the insurer for acceptance of the proposal; (d) behave in a discourteous manner with the prospect; (e) interfere with any proposal introduced by any other specified person or any insurance intermediary; (f) offer different rates, advantages, terms and conditions other than those offered by his insurer: (g) demand or receive a share of proceeds from the beneficiary under an insurance contract; (h) force a policyholder to terminate the existing policy and to effect a new proposal from him within three years from the date of such termination; (i) No corporate agent shall have a portfolio of insurance business from one person or one organization or one group of organizations under which the premium is in excess of fifty percent of total premium procured in any year; (i) apply for fresh licence to act as an insurance agent, if his licence was earlier cancelled by the designated person, and a period of five years has not elapsed from the date of such cancellation; (k) become or remain a director of any insurance company; (iii) Every corporate agent shall. with a view to conserve the insurance business already procured through him, make every attempt to ensure remittance of the premiums b) the polic)holders within the stipulated time, by giving nottce to the policyholder orally and in writing. (iv) No director of a company or a partner of a firm or the chief executive or a corporate insurance executive or a spt::cified person shall hold similar position with another corporate agent of any other insurance company. 10. Renewal of Licence: (1) Every licence granted by the Authority to a corporate agent or any renewal thereof, in terms of these regulations, shall remain in force for three years. (2) A licence granted to a corporate agent may be renewed for a further period of three years on submission of tht: application fonn along-with a renewal fee of rupees two hundred and fifty, at least thirty days prior to the date of expiry of the licence. (3) The additional fees payable to the Authority, under the circumstances mentioned in sub-section (3) of section 42 of the Act, shall be rupees one hundred. (4) The Authority may, if it is satisfied that undue hardship would be caused otherwise, accept any application after the licence ceased to remain in force, on the payment by the applicant of a payment of rup.!es -.l!ven hundrl!d and fifty as additional fee. 25 (5) Every certificate granted to the specified person shall remain in force for a period &f three years which can be renewed for a further period of three years on submission of an application fonn accompanied by fees of rupees one hundred, provided that the licence of the corporate agent continues to be valid. The application form along- with the fees shall be submitted at least thirty days prior to the date of expiry. l6) The specified person on his ceasing to be an employee of the corporate agent shall surrender his certificate to the designated person. If he desires to become an individU11.I insurance agent then be shall follow the procedure as laid down in Insurance Regulatory and Development Authority's (Licensing of l_nsurance Agents} Regulations, 2000. Such a person need not go through a further process of training and pass at the examination within the period of licence granted to them. (7) A specified person will also be governed by the provisions of sub-regulation (3) and (4) stated above. (8) Every corporate insurance executive or the specified person of the corporate agent, shall have completed at least twenty-five hours' practical training in life or general insurance business, as the case may be. from an approved institution, for the purposes of renewal of licence to the corporate agent and/or renewal of certificate to the specified person. Provided that such applicant before seeking renewal of licence or certificate to act as a composite insurance agent shall have completed from an approved institution, at least, fifty hours' practical training in life and general insurance business 11. Cancellation of licence/ certificate.- The designated person may cancel a licence or a certificate of a corporate agent or a specified person, if such a corporate agent or the corporate insurance executive or the specified person suffers, at any time during the currency of the licence, from any of the disqualifications mentioned in sub-section ( 4) of section 420 of the Act and recover from him the licence or cenificate granted to him. 12. Issue of duplicate licence.--The Authority may on payment of a fee of rupees fifty issue a duplicate licence to replace a licence, which is lost, destroyed, or mutilated. 13. Non-application to existing insunnce agents. -·- (1) A corporate agt!nt who has been issued a corporate agent licence prior to the commencement of these regulations shall exercise the option of eithc:r continuing with the existing licence till the expiry of the licence so granted or surrender tbe existing licence and apply for a new licence in tenns of regulation 3. l2) A Person holding an individual insurance agent's licence who wishes to become a corporate agent shall surrender the individual licence and apply afresh as per regulation 3. 14. Miscelhmeous.••· Every corporate agent shall maintain a register which shall contain the name, address, telephone no, photograph, date of commencement of employment, date of leaving the service, if any, salary paid to the specified person. n IL: G.VEn·E OF l'-JDIA . E,\TR 1\0RDll\AR y FO!lM IRDA-CORPORA TE AGENTS-A-I (See Regulation 3) IP \It I Ill-Sir -l] Insurance Regulatory and Development Authority (Licensing of Corporate Agents) Regulations, 2002 APPLICATION FOR A LICENCE/ RENEW AL OF LICENCE TO ACT AS A CORPORA TE AGENT 10 THE DEPARTMENT OF LICENSING, THE fNSURANCE REGULATORY AND DEVELOPMENT AUTHORlTY. Dl::.AR SIRS, 1t is requested that --- (a) a licence to act as a corporate agent/ composite corporate may be gramed to us; (b) our licence b1::aring number _ ________ and expiry date _____ _ may be renewed for a further period of three years. 2. It is hereby declared that particulars given below are true and that the licence for which our organisation applies will be used only by our organization for soliciting or procuring insurance business. (I) Namt!: r Jr H H J[ H Jl u H H 1( 1r H 1r Jl 1 (2) Full Address: House No.: [ l[ J[ J[ Jl J[ J[ J( l[ l[ J Street: Tov,n: District: : State : : Pin Code:: r J[ Jr Jl Jl Jr Jr Jl J[ Jr Jr Jr Jr Jr Jl Jr Jr Jl Jl Jr 1 [ J[ Jf J[ ][ J[ Jl J[ J[ Jl J[ 1( l[ ][ ][ ][ 1[ J[ J[ ][ 1 [ J[ ]( l[ J[ ][ ][ ][ J[ J( J[ J[ Jl ][ J[ ][ ][ J[ ]( ][ ] [ l[ 1( l[ ]( ][ J( ][ ][ l[ Jl ]( l[ ][ 1[ ][ J( J[ ][ J[ l [ 1[ l[ ][ l[ 1( J Telephone No. [ ]l ][ ]l ][ ][ ]---[ ][ ][ ][ ][ ][ ][ ][ ] (STD Code -- Number): (3) (i) Names & addresses of all persons re~ponsible for the management of the Organisation (please anach a separate annexure if required) (ii) Name and Address of the '·corporate insurance executive": (4) Whether the Pannership Deed, Memorandwn of Association or any other document evidencing the constitution of the entity contains as main objects the carrying on of soliciting or procuring insurance business as a corporate agent. (Please enclose a certified copy of the Partnership Deed, Memorandum of Association or any other document evidencing the constitution of the entity) (5) The date from when the licence should be effective: ( 6) If you apply for licence to work for a life insurer, state 1. a general insurer, state 2, for both, state 3 in the box. [ ] 3. rt is funher declared that the---- (a) corporate insurance executive has not been found to be of unsound mind by a court of competent jurisdiction; (b) corporate insurance executive has not been found guilty of criminal misappropriation or criminal breach of trust or cheating or forgery or an abetment of or attempt to commit any such offence by a court of competent jurisdiction; t.;i'llll ~-1 : lC) corporate insurance execulive has not been found guilty ?for to_have ~owingly parti_cipale<l !n or connived at any fraud, dishonesty or mis-representation against an insurer o~ ,.11_1 msurt!d m the course of any judicial proceeding relating to any policy of insurance or the "m<lmg up of an insurance company or in the course of an investigation of the affairs of~ insurer; . (d) corporate insurance executive has not violated the code ~f con~uct ~pec11ted u.nder Rl!gulat1~n 9 of Insurance Regulatory and Development Authority (11censmg of Corporah: \gt:nls) Regulations, 2002); (e) application in Form IR.DA-Corporate Agents-A-) for corporate in~urw1cc extcutivc has been enclosed along with this form; (f) corporate insurance executive is not a minor. 4. The payment of licence fee of rupees two hundred and fifty has been made and for whid1 the recdpt is enclosed. ~ The documents in support of the educational quahfkation, pre-recruitment tc:-1, and lhe practical training, in respect of corporate insurance cxr;:cutive havl: been cndo:-c:d along wnh this form. Place Yours faithfully, Date: Sig.mture of appl icnnl Notes I. rhe application should be filled in, as far as possible, either in 1 lindi or English 2. Any correction or alteration mude in any answer to Lhc questions 111 the application should be initialled by the applicanl. 3. The fee:. payable by an applicalll whc.-m applying for the first time and on renewal is rupees l\\.O hundred and llfty. 4. The name and the licence no. given in the application arc identical with those slH1\',,ll in the last licence hdd. If there is w1y subscquclll change in the name, the rl!asons fo th,.: same should be stated furrushing documentary evidence for the same. 5. The application c;houl<l reach the designated person bcfon.: the expiry of liecn~c held by thl' application but not more rhw1 thre<: months before such t:xpiry. If the application J,>.:s not n.:ach the dt!signated person at least 30 days before the date on which the lasl liccm:c ceases to be in force, an addiuonal foe ol one hundred rupees should be payable. In this connection ph:asc also refer to the provisions of sub-sections (3) and (JA) of section 420 of the Insurancr;: Act, 1938. 6. Uthe orgarnsuuon desires to act as a corporate agent or a composite corporate agent, as thl! case may be, the documentary l!vidence of the relevant pass in the pre-recruitment 1i;:st and the completion of th,;: rele\rull practical training of the corporate insurance executive or the cntil) should be enclosed. 7. In case of a firm. the signatory to the application (being a partner) should enclose a certified cop) of the resolution of all the: partners authorising him to make the application. In the case or a Company. the signatof) to the application (being a director) should enclose a certttied copy or the resolution of Board of Directors au1hori'>ing him to make the applicmion In the i.:asc! of aJ1) other t!llllt). the signator) to lhc application should enclose other document ~ hii.:h authorises him tu make the application. 2X THE GAZETTE OF INDIA. EX1RAORDtNARY IP,\RI 111- Su· ➔j FORM !RDA-CORPORA TE AGENTS-A-2 (See Regulation 3) Insurance Regulatory and Development .Authority (Licensing of Corporate Agents) Regulations, 2002. APPLICATION FOR A CERTIFICATE/ RENEW AL OF CERTIFICATE TO ACT AS A SPECIFIED PERSON TO THE DEPARTMENT OF LICENSING, THE INSURANCE REGULATORY AND DEVELOPMENT AUTIIORITY. DEAR SIRS, I request that --- (a) a certificate to act as a specified person may be granted to me: (b) my corporate agent's name __ licence no ___ valid till __ _ (b) my certificate bearing number _______ and expiry date ____ _ may be renewed for a further period of three years. 2. I hereby declare that particulars given below are true and that the certificate for which I apply will be used only by myself for soliciting or procuring insurance business. (!)Name: (2) r ather's/Husband's Name [ ][ ][ ][ ][ ][ ][ ][ ]( ][ ][ ][ ][ ][ ][] [ )[ ]( ][ ][ ][ ][ ][ ][ )[ ][ ][ ][ ][ )[ ] (3) Full Address: House No. : [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ] Street: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ J Town: [ ][ ][ )[ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][] District: : [ ][ )[ ][ ][ ]( ][ )[ ][ ][ )[ ][ ][ ][ ][ ][ ][ ][ ][ ][ J State : : [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ] Pin Code: : [ ][ ][ ][ ][ ][ ] Telephone No. [ ][ ][ ][ ]( ][ ]--[ ][ ][ ][ ][ ][ ][ ][ J (STD Code -- Number): (4) Date of Birth: Day- Month-Year [ ][]-[ ][ ]-[ ][ ][ ][ ] ( 5) Title : State I if are Mr., 2 Mrs., 3 Miss: [ ] (6) Pl\!ase state the Corporate Agents name, Licence No. and date of expiry. (a) Corporate Agent's Name ( ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ] (b) Corporate Agent's Address [ ][ ][ ][ ] [ )[ ][ ][ ] [ ] [ ] [ ][ ][ ][ ] [ ][ ][ ][ ] [ ] [ ] [ ][ ][ ][ ] [ ][ ][ ][ ] [ ] [ ] [ ][ ][ ][ ] [ ][ ][ ][ ] [ ] [ ] [ ][ ][ H 1 [ ][ ][ ][ J [ l [ l [ ][ ]( ][ 1 [ ][ ][ ][ 1 [ l [ 1 (b) Corporate Agency Licence No: [ ][ ][ ][ ] [ ][ ][ ][ ] [ ] [ ] (c) Date of Expiry: Day- Month-Year [ ][ ]-[ ][ ]-[ ][ ][ ][ ] (7) If you are an applicant from a rural pJace, 11 state 1 , in the box. (8) Educational Qualifications. State 1, if you passed Class X; 2: Class XII; 3: Graduate; 4: Post-graduate; 5: if you hold a professional qualification such as ACA, F ASI, AlCWA.): [ ] [ ] (9) Give particulars of pass in pre-recruitment test conducted by the examination body nominated by the IRDA: (a) Name of Examination Body: (b) Candidate's Nwnber: (c) Centre of Examination: (d) Date of Passing: (Day- Monlh-Year) [ ][ ][ ][ ][ ][ J[ ][ ][ ][ ][ J[ ][ ][ ][ ][ ]( ][ ][ ][ J [ ][ ][ ][ ][ ][ ][ J[ ][ ][ ] [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ )[] [ ][ ]-[ J[ ]-[ ][ ][ ][ ] ( 11) Give particulars of Practical Training completed from an approved institution. (a) Training Hours completed: [ ][ ] (b) Name of Training Instit11te: [ ][ ][ ][ ][ U ][ ][ ][ ][ ][ ][ ][ )[ )[ ][ ][ ][ ][ ) (c) Candidate's Nwnber: [ ][ ]( ][ ][ ][ ][ ][ ][ ][ ] (d) Centre (Place) of Training: [ ][ ][ )[ ][ ]( ][ ][ ][ ][ ][ ][ ][ ][ )[ )[ ][ ][ ]( ] ) (c:) Starting Date of Training: [ ][ )-[ ][ ]-[ )[ ][ ][ J (Day- Month-Year) 3. I further declare that---- (a) I have not been found to be of unsound mind by a court of competent jurisdiction; (b) I have not been found guilty of criminal misappropriation or criminal breach of lnlSt or <.heating or forgery or an abennent of or attempt to commit any such offence by a court of competent jurisdiction; 29 (c) I have not been found guilty of or to have knowingly participated in or connived at any fraud, dishonesty or mis- representation against an insurer or an insured in the course of any Judicial proceeding reiaring to any policy of insurance or the winding up of an ins~ce company or in the course of an investigation of the affairs of an insurer; and (d) I have not violated the code of conduct specified under Regulation 9 of Insurance Regulatory and Development Authority (Licensing of Corporate Agents) Regulations., 2002. 4. I have made the payment of certificate fee of rupees five hundred and for which I enclose the docwnentary evidence. 5. I enclose the following documents in support of the educational qualification, pre-recrujtrnent test, and the practical training. (a) ___ ____ (b) _ _ _____ _ Place Date: Yours faithfully, Signature of applicant TIU: C,AZETTEOf l"IDIA : EX'TTlAORDINARY Notes and Jnstructions I. An mdiviJuaJ can apply for only a certificate which will entitle him 10 solic:t or procure in:.urancc business of any class and to act as the specified person of a corporate agent for one lite insurer, one.: general insurer. or both. 2. fhl' application should be filled in, as far as possible, either in Hindi or English. 3. Any correction or alteration n1ade in any answer to the qut!stions in the apphl:ation should be initialled t'>) the applicant. 4. A11 .ipplicant must be at least 18 years of age on the date of the application. It required the upplicant shall furnish proof of age. 5. An applicant shall furnish the proof of educationaJ qualification, pass in the pre-recruitment test condw.:ted by the examination body nominated by Insurance Regulatory and Development Authority, and completion of practical training from a training institution appro\ed by the Jnsurance Regulatory and Development Authority, along with the application. 6. fhe frcs payable by an applicant is rupees five hundred. 7. An application for renewal should reach the designated person through the corporate agent befor~ the expiry of licence held by the applicant but not more than three months before such expiry. Lf the application does not reach the designated person at least 30 days before the date on which the last licence ceases to be in force, an additional fee of one hundred rupees should be pa)abk In this connection please also refer to the provisions of sub-sections (3) and (3A) of section 420 of the Insurance Act, 1938. FORM IRDA-CORPORA TE AGENTS-L-1 (SEE REGULATION 3) INSLRANCE REGULATORY AND DEVELOPMENT AUTHORITY (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002. INSURANCE REGULATORY AND DEVELOPMENT'AUTHORITY LICENCE TO ACT AS A CORPORATE AGENT UNDER THE INSURANCE ACT, 1938 (IV OF 1938) LICENCE NO. [ l[ ][ ][ ][ ][ ]l ][ ][ J[ ] NAME OF CORPORATE AGENT•/ COMPOSITE CORPORA TE AGENT•: _____________ _ ADRESSS: f J,\\'ing paid the prescribed fee and having made the necessary declaration is hi:reby authorised to ['1-TI'l.lll-~-l) "lR<f cnT ~ : ~ 31 act as corporate agent for three years from -------- insurance business of one life insurer• I one general insurer• /both•. for procuring or soliciting (*strike out portion not required) Place Date for Insurance Regulatory and Development Authority Designated Person: Signature of Licence holder: This licence is not valid unless it bears a fascimile of the signature of the Chairperson of the Insurance Regulatory and Development Authority, the initials of the person authorised by him in this behalf and the signature of the licence holder and the identity card. The licence holder should put his signature as soon as licence is received. (See Notes on the reverse) Notes I. If it is desired to renew this licence for a further period the procedu;e laid down in Regulation 3 of INSURANCE REGULA TORY AND DEVELOPMENT AUTHORITY (LICENSING OF CORPORA TE AGENTS) Rl:.GULATIONS, 2002, shall be followed, and application for renewal should reach the Designated Person before the licence expires. ln this connection attention is also invited to the provisions of sub-sections (3) and (3A) of section 42D of the Insurance Act, I 938. 2. This licence authorises the licence holder to act as a corporate agent for the insurance business specified thereunder, and therefore no identifying mark or note of any description by which the identity of an insurer might be established should be placed on the licence. 3. No correction in this licence will be valid w1less initialled by the Insurance Regulatory and Development Authority or a person authorised by him in this behalf. 4. The attention of the licence holder is dravm to the coJe of conduct specified wider Regulation 9 of lNSlJRANCl: REGULATORY AND DEVELOPMENT AUTHORITY (LICENSING OF CORPORA TE AGFNTS) REGULATIONS, 2002, and any violation of code of conduct may result in cancellation of licence. THE GAZETTE OF INDIA· EXTRAORDINARY FORM IRDA-CORPORATE AGENTS-L-l (SEE REGUUTION 3) INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (LICENSING OF CORPORA TE AGENTS) REGULATIONS, 2002. INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY CERTIFICATE TO ACT AS A SPECIFIED PERSON FOR A CORPORA TE AGENT CERTIFICATE NO. [ ][ ][ ][ ] [ ][ ][ ][ ] [ ] [ ] ~AME OF CORPORATE AGENT*/ :::OMPOSITE CORPORATE AGENT*: -------------- ADDRESSS: LICENCE NO. DATE OF EXPIRY NAME OF THE CERTIFICATE HOLDER ADDRESS Having paid the prescribed fee and having made the necessary declaration is hereby authorised to act as the specified person of the corporate agent for three years from _______ for procuring or soliciting insuranc~ business. Place Date for Insurance Regulatory and Development Authority Designated Person: Signature of Certificate holder: This cenificate is not valid unless it bears a fascimile of the signature of the Chairperson of the Insurance Regulatory and Development Authority, the initials of the person authorised by him in this behalf and the signature of the certificate holder. The certificate bolder should put his signature as soon as the certificate is received. (See Noles on I he reverse) ~ cf;T ~ ; 3'ffilm{'Jl u Notes 1. If it is desired to renew this certificate for a further period the procedure laid down in Regulation 3 of INSURANCE REGULATORY AND DEVELOPMENT AUTHORJTY (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002, shall be followed, and application for renewal should reach the Designated Person before the certificate expires. In this connection attention is also invited to the provisions of sub-sections (3) and (3A) of section 42D of the Insurance Act, 1938. 2. This certificate authorises the certificate holder to act as the specified person of the corporate agent for the insurance business specified thereunder. 3. No correction in this certificate will be valid unless initialled by the Insurance Regulatory and Development Authority or a person authorised by him in this behalf. 4. The attention of the certificate holder is drawn to the code of conduct specified under Regulation 9 of INSURANCE REGULATORY AND DEVELOPMENT AUTHORJTY (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002, and any violation of code of conduct may result in cancellation of certificate. FORM !RDA-CORPORATE AGENTS-I-I (See Regulation 3) Insurance Regulatory and Development Authority (Licensing of Corporate Agents) Regulations, 2002) Cor Card Corporate Agent's Licence No.: Name of the Corporate Agent: SignBlurc of the Applicant (as aulhonscd by the Corponue Agent) Office of the Insurer with whom the corporate insl1l'llllce agent is attached. Valid upto: This card authorises the corporate insurance agent named above 10 [ I[ H ][ ]-( ][ ] sell our insurance products, as per our tclTilS and conditions. born on: I ][ H JI H )(] Signature of Designated Person Name of Insurer (With Seal) lease see on the reverse Address and telephone numbers of the Insurer (If required 10 be contact by any one m connection with the holder of this ca,d): Address and telephone numbers of the Corporate Agent.: Name of the Corporate lnsurance E:acuJ/ve of,~ Corporate Agenl: N RANGACHARY. Chaimmn IADVf IT1/lV/16!/2!l<l2/fa1).I Prmt.:J h\ 1h~ Manager. Go,t.. of India Pres~. Ring Ro:1tl. ~l.,yapun. '"" Ddh1-l )IJOf,4 und Puhli,h.:d hy the Controller ol Puhli~ahons. Delhi-1101154