IRDA (Licensing of Corporate Agents) (Amendment) Regulations, 2010

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(~ -~ s\T ~) ~ 2002, am; if li;:,iq; 01/11/2007 >,;j NOTIFICATION Hyderabad, the !st July, 2010 Insurance Regulatory and Development Authority {Licensing of Corporate Agents) {Amendment) Regulations, 2010 F. No. IRDA/Reg/4/54/2010.- rn exercise of the powers conferred by sections 42 and I 14A of the Insurance Act, 1938 (4 ofl938) read with section 26 of the Insurance Regulatory and Development Authority Act, I 999 ( 41 of 1999), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following regulations to further amend the Insurance Regulatory and Development Authority (Licensing of Corporate Agents) Regulations, 2002, namely:- ! (i) These regulations may be called the Insurance Regulatory and Development Authority (Licensing of Corporate Agents) (Amendment) Regulations, 2010. (ii) They1shall come into force on the date of their publication in the Official Gazette. 2 In the Insurance Regulatory and Development Authority (Licensing of Corporate Agents~ Regulations, 2002, ii) (i) In regulation 9, after sub clause (k) of clause (ii) of sub-regulation (2), the following sub clauses shall be added:- (I) "engage, encourage, enter into a contract with or have any sort of arrangement with any person other than a specified person, to refer, solicit, generate lead, advise, introduce, find or provide contact details of prospective policyholders in furtherance of the distribution of the insurance product. · (m) pay or allow the payment of any fee, commission, incentive by any other name whatsoever for the purpose of sale, introduction, lead generation, referririg or finding to any person or entity. In clause (iv) of sub-regulation (2) of regulation 9, the words "of any other insurance company" shall be omitted: (iii) Regulation 11 shall be substituted by the following regulation, namely - 11(1) Where a corporate agent or a corporate insurance executive or a specified person which has been granted a license or a certificate, as the case may be, under these regulations, ( a) suffers at any time during the period of the license or certificate, as the case may be, from arty of the disqualifications specified in sub-section (4) of section 42 of the Act; (b) fails to comply with any of the conditions subject to which the license or a. certificate, as the case may be, has been granted; ' ,r __ • [ '11'1 m-i;,u;;- 4 l (c) contravenes any of the provisions of the Act, the Insurance Regulatory and Development Act, I 999 ( 41 of I 999), the regulations framed thereunder and such other guidelines or directions issued by the Authority from time to time; or; (d) acts in a manner against the interest of the policyholder or against public interest; the Authority may issue a notice to the corporate agent or the corporate insurance executive or the specified person requiring him to show cause within 21 days from the date of receipt of the notice, why the license granted to the corporate agent or the certificate to the corporate insurance executive or the specified person, as the case may be, should not be suspended or cancelled or any other action as considered appropriate by the Authority should not be initiated. (2) During the proceedings, the corporate agent or the corporate insurance executive or the specified person shall produce any record relating to the insurance business in such form and within such time as may be ordered by the Authority. (3) Upon considering the reply, if any, the Authority may pass an order directing the suspension or cancellation of the license granted to the corporate agent or the certificate of the corporate insurance executive or specified person, as the case may be, or pass any other order as deemed appropriate based on the facts of the case. (4) Within 15 days from the date of passing of such an order, the Authority shall recover the license granted to the corporate agent or the certificate of the corporate insurance executive or specified person. J. HARI NARAYAN, Chairman [ADVT. III/4/161/10/Exty.] Footnotes: (I) The Insurance Regulatory and Development Authority (Licensing of Corporate Agents) Regulations, 2002, the Principal Regulations were published in the Gazette of India on16.10.2002 vide F. No. IRDA/Reg./10/2002 (2) The Insurance Regulatory and Development Authority (Licensing of Corporate Agents) Regulations, 2002 were subsequently amended on 0 1.11.2007 . Printed by the Manager, Government of India Press, Ring R~ad, May~puri, New Delhi-I 10064 and Published b_y the Controller of Publi~at1ons, Delh1-110054. 33