[भाग III—खण्ड 4] भारत का राजपत्र : असाधारण 19
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY
NOTIFICATION
New Delhi, the 16th October, 2002
The Insurance Regulatory and Development Authority (Licensing of Corporate Agents) Regulations, 2002
F.No. IRDA/Reg./10/2002.— In exercise of the powers conferred by section 42 and section 42D and clauses (k), (l), (m), (n), (o) and (p) of sub-section (2) of section 114A of the Insurance Act, 1938 (4 of 1938), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following regulations namely:—
1. Short title and commencement.—(1) These regulations may be called the Insurance Regulatory 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. Definitions.—**In these regulations, unless the context otherwise requires, -
- (a) "Act" means the Insurance Act, 1938 (4 of 1938);
- (b) "Approved Institution" means an Institution engaged in education and/or training particularly in the area of insurance sales, service and marketing, approved by the Authority;
- (c) "Authority" means the Insurance Regulatory and Development Authority established under the provisions of Section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
- (d) "Certification" means the process by which a Specified Person of the Corporate Agent, who has successfully undergone practical training and passed the required examination, is issued 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 to act as an insurance agent for a life insurer and a general insurer;
- (f) "Corporate Agent" means any person specified in clause (k) and licensed to act as such;
- (g) "Corporate Insurance Executive" in the case of a company or firm means, a director or a partner 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 specified by an insurer, and authorised by the Authority to issue or renew licences under these regulations;
- (i) "Examination Body" means an Institution, which conducts pre-recruitment tests for insurance agents and which is duly recognised by the Authority;
- (j) "Licence" means a certificate of licence to act as an insurance agent issued under these regulations;
- (k) "Person" means
- i. a firm; or
- ii. a company formed under the Companies Act, 1956 (1 of 1956); or
- iii. a banking company as defined in clause (4A) of section 2 of the Act; or
- iv. a corresponding new bank as defined under clause (d(a)) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949); or
- v. a regional rural bank established under section 3 of the Regional Rural Banks Act, 1976 (21 of 1976); or
- vi. a co-operative society including a co-operative bank, registered under the Co-operative Societies Act, 1912 or under any law for the registration of co-operative societies; or
- vii. a panchayat or a local authority; or
- viii. a Non-Governmental organisation or a micro lending finance organisation covered under the Co-operative Societies Act, 1912 or a Non Banking Financial Company registered with the Reserve Bank of India; or
- ix. any other institution or organisation which on an application to the Authority is specifically approved by the Authority.
- (l) "Practical training" includes orientation, particularly in the area of insurance sales, service and marketing, through training modules as approved by the Authority;
- (m) "Recognised Board or Institution" means such board or institution as may be recognised by any State Government or the Central Government;
- (n) "Specified Person" means a director or a partner or one or more of its officers or other employees so designated by the corporate agent and, in the case of any other person, the chief executive, by whatever name called, or one or more of the employees designated by him, who has undergone the practical training, examination, certification and who is responsible for soliciting and procuring insurance business on behalf of the Corporate Agent;
(2) All words and expressions used herein and not defined but defined in the Act, or in the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or in any of the regulations made by the Authority shall have the meanings respectively assigned to them in those Acts or regulations.
3. Issue or renewal of licence. --- (1) A person desiring to obtain or renew a licence (hereinafter referred to as "the applicant") to act as a corporate agent or a composite corporate agent shall proceed as follows:—
- (a) the applicant shall make an application to a designated person in Form IRDA-Corporate Agents-A-1:
Provided that the applicant, who desires to be a composite corporate agent, shall make two such separate applications.
- (b) The fees payable by the applicant to the Authority shall be as specified in Regulation 7.
(2) The designated person may, on receipt of the application along with the evidence of payment of fees to the Authority, and on being satisfied that the corporate insurance executive of the applicant:—
- (i) possesses the qualifications as specified under Regulation 4;
- (ii) possesses the practical training as specified under Regulation 5;
- (iii) has passed the examination as specified under Regulation 6;
- (iv) has furnished an application complete in all respects;
- (v) has the requisite knowledge to solicit and procure insurance business; and
- (vi) is capable of providing the necessary service to the policyholders;
grant or renew, as the case may be, a licence in Form IRDA-Corporate Agents-L-1:
Provided that the identity card shall be in Form IRDA-Corporate Agents-ID-1.
Provided 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.
Notwithstanding 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 when the application is from such a person or group of persons who is or are already engaged as insurance agents, brokers, etc.
(3) The designated person shall grant or renew the licence within a period of 3 months from the date of application.
(4) The designated person shall, if the consideration of the application is likely to get delayed, within 60 days of the receipt of the application inform the applicant the reasons for such a delay, and the likely time it would take to do so.
(5) If the designated person refuses to grant or renew a licence under this regulation, he shall give the reasons thereof to the applicant.
(6) An individual desiring to become a Specified Person of a corporate agent/ composite corporate agent shall apply through the corporate agent/ composite corporate agent in Form IRDA-Corporate Agent-A-2 to the insurer.
(7) The designated person of the insurer may, on receipt of such an application along with the evidence of payment of fees to the Authority, grant or renew, as the case may be, a certificate in Form IRDA-Corporate Agents-L-2:
