IRDA (Licensing of Insurance Agents) Regulations, 2000

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• C 'iml<!il~:arnlt.1T{111 INSURANCE REGULATORY AND DEVELOPMENT AUTHOJUTY NOTIFICATION New Delhi, Lhe 14th July, 2000 lnsur.mcc Rcgufatory and Development Authority (Licensing of Im.-urance Agents) Rl'1.'11lationi, 2000. R No. IRDA/Rcg/7/2000.~, - 15 In exercise of the powers conferred by sub-section (6) of section 42 and clauses (k), (!). (m}, (n). (o) and (p) of sub-section (2) of section 114A of'U1e Insurance Act, 1938 (4 of 1938), the Authority, in consultation with the l1Jst1ra11cc Advisory Committee, hereby makes the following regulations. namely:- I. Short title and commcncemenL--( I) These regulations may be called Insurance Regulatory and Development Authonty ( L,1censmg or Insurance Agents) Regulations, 2000. (2) They shall come into force on tile date of their publication in U1c Official Gazette. 2. Dcfinitions.-ln these regulations. unless the context otherwise requires. - (a) "Act" means the lnsur:mcc Act. 1938 (4 of 1938); (b) ".4pproved l11sti111uon" means an Institution engaged in education and/or lrainiug particularly in the area of insurance sales. service and marketing. approved and notified by the Authority: (<') ".4uthomy" mean~ the Insurance Regulatory and Development Authority established under the provisions or Section 3 or the Insurance Regulatory and Development Authority Act. 1999 (41 of 1999); (d) "Composite i11sw·"11ce agent" means ,u1 insurance agent who holds a licence to act as an insurance agent for a life insurer and a general insurer; (e) .. Corporate AJ?e111" means a per-son other than an individual as specilied in clause (i): (/) 'Designated person" means an officer normally in charge of marketing operations. as specified by an insurer. and authorised by the Authority to issue or re11ew licences under these regulations; (gj "Exw11i11atto11 Bo,fr" means an lllsti1u1ion. which conducts pre-recruitment tests for insurance agents and which ,s duly recognised by the Authority: (h) "licence" means :1 certi ficate of licence 10 act as an insurance agent issued under these regulations; (i) "Person .. means -- ( i) an individual; (ii) a tum; or 16 TIIE GAZETTE OF INDIA: EXTRAORDINARY (PART Ill-SEC. 4] (iii) a company formed under the Companies Act, I 956 {I of 1956), and includes a banking company as defined in clause (4A) of section 2 of the Act; (i) "Practical Trai11i11g" includes orientation, particularly in the area of insurance sales, service and marketing, through training modules as approved by the Authority; (k) .. Proposa/.fonn" means an application for purchase of an insurance product which shall be the basis of insurance contract; (/) "Prospecr ·· means a potential purchaser of an insurance product; {m) "Recognised Board or J11stitutio11" means such board or institution as may be recognised by any State Government or the Central Government. (2) All words and expressions used herein and not defined but defined in the Insurance Act, 1938( 4 of 1938), or in the Insurance Regulatory and Dcvclopmem Authority Act, 1999 (41 of 1999), shall have the meanings respectively assigned to them in those Acts. J. Issue or renewal of licence.--( I) A person desiring to obtain or renew a licence (hereinafter referred 10 as "the applicant"} to act as an insu rance agen\ or a composite insurance agent shall proceed as follows:- (a) the applicant shall make an application to a designated person--- (i) in Form !RDA-Agents-VA, if the applicant is an individual; (ii) ill Form IRDA-Agents-VC, if the applicant is a firm or a company: Provided that the applicalll. who desires 10 be a composite insurance agent, shall make two separate applications. 1h1 !'he f.:cs pa) ,1hk by lhc applicant 10 the Authority shall be as specified in Regulation 7. 1 21 The dt:signatcd ps:rson 111:l). on reccip1 or 1he application along with the evidence of payment of ,-.. ~- lv •he :\uthom\·. :111d on being .-,,lisii~d 1h,,r t''·. ,,,•~•l·~a.:i. •· fr I pn,,cs~L-s lhL· 'l'"'.!1 :ica1 ions as spec11ieJ under Regulation 4: , ,rl ,'"''"'''"~ the: pra,·1,.:al lro111ing ,IS specified under Regulation 5: , , 1 11;1, pJss.:J lh<.: cxam111a1io11 .is spcci ficJ under Regulation 6; 11,) has rumishcu the applrc.iuon complete in all respects: ( 1) lr:,s the.: rc4ursil.: knowledge 10 sol icil and procure insurance b11~incss; and 1, rl is capable ,,1 providing the necessary servJCe 10 the pohcyholdcrs; "rant ur r.:11~1\'. :is 1hc case may be. a licence in F om1 !RDA-Agents-VB, along with identity card in l·,.,n11 I RDA-Agems-VZ: Provided that in the case of a c0q)()rate agent. the identity card shall be in Form !RDA-Agent-VY. Provided runhcr that such 1dc111ity card from one life insurer and such identity card from one general insurer shall b~ pro, 1ded 10 the applicant seeking licence 10 act as a composite insurance agenl. Provided further that in the case of a linn or ,1 company, all of its partners or directors, as the case may be, shall fulfil the requirements of sub-clauses (i) to (iii). C '1'mf "!il <IG!'l>I : ~ 17 Provide<! further a licence issued m accordance with tltis regulation shall entitle the applicant to act as insurance agent ror one life insurer or one general insurer or both, as the case may be. (~) ff the designated person refuses to grant or renew a licence under lhis regulation. he shall give the reasons therefor to Ilic ,tpplicant. 4. Qualifications of the appikant.- The applicant shall possess the mimmum qualificalton of a pass m 12th Standard or equivalent examination conducced by nny recognised Board/Tnstitution. where the applicant resides in a pla<Ce with a population or live thousand or more as per the last census, and a pass in I 0th Standard or equivalent examination rrom a recognised Board/ Institution 1fthe applicant resides m ,111y other place. 5. Practical Training. -- t I J The applicant shall have completed rrom an approved institution, al least. one hundred hours· pr;iclical training in lifr or general insurance busmess. as the case may be. which 111Jy be spread over chrce to four weeks, where such applicant is seeking licence for the first 111nc 10 act as insuranc~ agcnl. Prov1dcd that the applicant shall ilavc completed from an approved institution. at leasL one hundred fiiiy hours· practical 1ra111ing in life and gencr"-1 insurance business, which may be spread over six IO <!1gh1 weeks, where such applicant 1s seeking licence for tl1e first time lo act as a composite 1 nsurancc agenl. (2) Where the apphcam. rci"crrcd to under sub-regulation (I), is-- ra) an .l\ssociatc/h:llow ,,!'th.: ln,urance Institute oflndin, Mumbai; (h) an Assoc1ate/Fello" of the Institute of Chartered Accountants of India, New Delhi; ( c) an Assoc1aten7el1,1w n r th<.: l11s11tutc or Costs and Works Accountants of India. Calcutta; (d) an Assoc1a1c/h:llow or cbe Institute or Company Secretaries of India, New Delbi; (c) an Assocrnce/Fcllow of lhc Actuarial Society oflnd1a, Mwnbai; (f) a Masler ot IJusines, Ad111inis1raLiu11 uf any institution / University re.rogniset! hy any State t,ov..:mment or the l'cntr~I Government: or {~) po,scssing .inv prnlc$s1onal quai1!icallon in marketing from any lnHtituuon / Univers11y recognised by an) St:itc l,ovemme111 ur the Ccmral Government-- he shall h",·e completL:d. m lt.:ast. liliy hours' practical training from an approved insllmtion. Provided that sud1 ,tpplicant shall lia\"c completed from a11 approved instiwuon, al least, seventy hours· pranical Lr:1in111g 111 life ;111d general insurance business, where such applicant 1s seeking licence for tl1e first tm1c In acL as a cumposJte msu ranee agent. (,) An applicant. \\ l10 hus been grn111ed a licence after the commencement of these r'!gulations, hefore seekmg rcne"al ol licence to .1c1 ~s an insurance agent. shall have completed. at least 1wcncy-liv<: hours pr;1c11cal training 11' life or general insurance busmcss, as the case may be. from :in approved instilut1011. l'rov1ded that such applicant before scckmg renewal of" licence to act as a composite insurance agent shull have compleced from an appnl\'Cd inst1tmio11, at least, fifty hours' practical training Ill Ii fe and general insurance bus111ess. 1 1\'1~ f;ct:t--3.• IS THE GAZETTE OF !NOIA· EXTRAORDINARY 6. Examination.- 1'11.- . \pphca111 shall h,1vc passed the prc-rccrnnmcnt cxan11na11on 111 hie or general msurJ11(,c h11s1,1~ss. llf both. as the case may be conducted by 1he [n,urance Institute of l11d1a. M umha,. or anv nthn cxam111a11011 body 7. fee~ pa~ :ibk.- t I I I Ii. h:c, pavahk 111 the Authority for issue or renewal of licence to .ict .is 11isur:1ncc d,!<:!lt or .1 (c,111110,tt<' 111su1"c111cc al!Cllt shall be rupees two hundred and fifty. , ~ I rJ1c add1t1onal ll:cs pavahlc to the Anthomv. under the c1rcumstanccs menuoncd in sub-section 1,1 1 c,f snt11111 42 ,,1 the <l.,t. sh.di ho: rupees one lmndn:o. li::'i 8. Code of Conduct.--1 11 l·1·ln per~on hol<hng ,1 licence, shall adhere lo the codc of l'tonduct ,pcci li,·d bcln" - (i) Even in~urunc,· :11.:ent ~hall.--- ' "' 11 k:1111fy lwnscll and tilt 1nsurailce co111r,,tnv of,,hom he 1s an 111sun111cc ~gent; fh / d1sdu~c his l1cc11cc '" 111.: prn,1,cct 011 lkm:rnd , ,cl d1sscmm.itc the rc·qu1rnc 1111,11111:111011 11i respect of insurance rroducts nffcrl'd !<Jr sale hv hi~ 1nsuri-r and '3k<' 111w .1tcmm1 1he !'<'eds 1>f 1l1e. rnospcct \\hilc n·c1,111mt·nl1Jt1g a specific 111S\ILll1CC plan. tdJ d1csdus<- ,he SL.tks 01 co1111111,sw11 Ill respect of the 1ns11ranc~ pn,;luct offered Jiir sak:. 1f .1s~cd h> 11\..: prosper!. tc·t 111d1ca1c L11,: l'fl'l1H11111 h> l•c d 1:u~ccl hv the 111s1m:r lor the tnsurance product offered for s.ak; HI ,,pl.1111 111 111..: I'" l'cTI "ic: 11:il111c t>l 1111i,1111:tt11111 rcquucd in the proposal lot111 hy tile 1n~u1cr. ,11111 ,d ,, Int· 111q1on,u.-~ nl <11,dusurc ,,f 111utcn;1I 111fonna11n11 111 the p11rd1asc cil ,111 111surancc VtHll11I\ l. tel h111w IP tin: 11011ct• ul tlw i11~111·c1 1111y ml1wsc h.ih1ts or 11Komc 111cons1stc11cy oftlw prospect. 111 111, I-> Ill ul 11 1.p.i11 1,·.ill.-d "l11•a11 :u1, c ,\1:c111·,, < ·11111idc111111I Rcpon'") 1111111!( w111i l'Vc1 v p1·ur,-w1I ,111,111111,·d 11 lh.: J11't11cr ;111d 1111y 111111.:1·1,11 l'act lhul mn\ ,t1lvrr!,clv 11ikrt tile 11nd~rw11hng dc.1,.1011 ,,, 111,, llhllll"I ;1~ i..:µ,uil~ 1,,n•11w11rt ll! tilt prnpo,;ol, hy 1n;1k111g .111 rcas1111,1hlc -,111111111~-. ,110111 llw pr,>~I'"''· !111 11 10•1, pn>mpl I ihl I'"' 111:-11,ho,1I the 111,~phllll, m 1,•1c, 11u11 n1 llll p1npo~nl l,v thl' 111~111~1. I 11 11h111111 II •. 1,:,,111\II, d,,,·1111,~111, :1I Ille IIIIIC ol 11 ling Ilic prnp11,,d 1111111 w11h tla· IIISlll'cr. and \llill)I In 11111 11I~ <11h,1·q111·1lli\ .,·,l·,,·11 1111 hv ti;,• 111s111-cr 101 ,11111pkl!un 111 th, J>llll'""'1l. (j l 'Id, I lit' ·,·~:.111\' I','• \1111(·~ 1,, lilt p,111nlt11ldc1~ 01 l'l,lll11,llll', Ill ht.•11dt,'lll!l~l• Ill lfll11J)!\i11µ \\ Ill 1 • • .. ,,, •• I, , IIIL'IH~lll <1I ,·l:i11•1~ hy iii, lns11t111. I ,, IH:n;\ t.'r llt"t.:~s:--.~1n. (ii) '-lo in,urnnce a1:en1 ,hall.---- ,,unun,tlllHl or u°'s1~1unenl 01 i..:h ... 11,gc ,, .l~h, .,•.;, lie. ,md ofter nccess,1ry .1ss1stJ1tCC' 111 1111, hc'1.11!. laJ ~olicn or proc1u~ :11su1.m.:e hu,1nc,s "11hn111 holdm;; ;1 valid l1cc11..:i.:. (h) indllcr the pmspec1 10 om11 ,lily material 111lom1ation in the proposal lonn (CJ indut·e the pro~pl'U 1,, subm11 wrong 1nlort11at1on in the proposal fonn or documents subm1t1cd In 1hc 1JOsure, 1<,r :1ccq,1,111cc ul tile prorosal: 0 l 19 /d) hcha\'c in .1 d1sco11ne,m.~ manner w1111 the prospect: (,! 1t11crfere -.,·11h am propos"I mtroduced by anv mher 111suram:e agent: 1 r, otrer Llift<:rc111 raies. ddvantagcs. t..:nns :md conditions other than thMc offered b\ l11s msurer; t :.!) demand or rec·.;1vc a share or proceed, rrnn1 Lhe beneficial) um.icr an inslir,111 c .;,1n1ract ! li, l<1rcc .t r,olil:yholdc1 to t.:;m1mall' lhc· ex 1st mg policy and to cffcc1 .1 nc" rroposal from him wnlun three years lr-.m: 11 c date ol ,uch tcnninatton; 1 J !;av::. in c;ise of a c,,rpo1,1r:: ;1!_!cnl . .i portfolio ot insurance busmcss under wl-uch the prcm1u,11 is :r. <excess or lilt\ pert"cnl ol total premium procured, in any year, from one person (who is not ,,n m1hv1tlu;il i or ,,;1-: ,., !!.e111sn11on or 0111.: group of orgamsa11ons. ;mpl, fo; frt.:sh 1,- t:IK<' w acl "' ,Ill insurance agent. 1 f his hccnct: w:is e:1rl1t.!r canc..:lk<l by the ,i~~1_;r"<t~'-- ;,,,r,,on . • u1d J pcnu<l ul tivi:: vea.rs h.i, nut ..:J.1pscd from L11t: dati:: nfsuch can.:dlalion. 11) rc;com~ or r<.:main .1 dm:e1<1r .,f mv 111~uram.:e company. ( iii) I:. very nwr.mcc agc11l ,h.:11, ,, ull a VI<::" tn conserve the msuranc<.: husmess already pmt:,irc<l 1hroui;h him. :n .. kc er\ 1t:::mpt to en~ure rc1uiuance of the rrcm1ums hy Lill' ;iohcyholdc!"$ w11lu11 the.: st1p1.,iated t1111t.:. by i;1v111g 11011cc to the pol1cyholder orally aml m wri1ing; 9. Caoccllution ol licenrc.- ,he (ks1gnatcd pcrson may cancel ,1 licence or an insurance &g.•:111, 1f ll1t: msuran~c agent suffers Jt any tune <lunng the currency of the l1cencc. from any ol" the disquah ficauons mcnt1om:d m suh-scchon (4) of section 42 of the Act, and recover from !um the licence and lhc illcnttlv car<l 1ssu<ld earlier. 10. ls\ue uf duplic.::ne 11,enc(•.- 1 h, ,\othonty m.:y issue ;1 duplicate l1c~nce rerlacc d licence lost. des!nwcd. ,r muulatct.l m, payment J fct. of rupe,~s lilly. I 1. :~on-i1pplication to existing insurance agents. -- l\othing contarned in Rc:gulations 4 to il of these Regu!a11on$ shal, t1pp!y to tl1e e~tslmg agents hefore the commencement of these Rcgulouons. 20 THE GAZETTE OF fNDIA : EXTRAORDINARY JP,\RT 111-S&c. 4) FORM [RDA-AGENTS-VA (!},,e Reg11lr:11011 3) f11sura11ce 11.eRuialury awl Develo(lme/11 .41c1horiry (l1cens111g nj I11s11rrmce Agents/ Regul11tio11x. 2000. APPLICATION FOR r\ LICENCE / RE.'iE'WAL OF LICENCE TO ACT •\SAN INSURANCF. AGENT TO THE !NSVRANCE REGULATORY AND DEVELOPMENT AI.JTHORITY, DEPARTMENT OF LICENSING. 1'."EW DELHI. DEARSlRS. r request that --- me. (a) a licence 10 act as an insurance agent*./ a composite insurance agem" may be granted to (b) *my licence bearmg numbcr _______ _ and expiry date. ____ _ may be renewed for a further pcnod of three years. 2. r hereby declare rhat particulars given below are true and lhar the licence for which J apply will be used only by myself for soliciting or procuring insurance business for one life insurer*, one genera! insurer"' / both"' (l) Name: (2J Father's/Husband's Name (3) Full Address: I I[ J[ lf J[ J[ J[ H Jr If J[ l[ 1( J[ H l ( J[ Jl J[ ]( J[ J[ H J[ ]( H J[ J[ 11 ll J House No. : l ]( ]I J[ ][ J[ ][ J[ J[ ]( J Street· ( J[ ff lf I( J[ ]( J( H Jf ][ J[ ll H J[ ll ]( J[ Jl ll J Town: ( l( ]( J[ J( J[ ][ J[ J[ I( J[ JI ][ )[ I( J[ J[ J[ J[ 11 J Distnct: : f l( J[ J( J[ J[ )[ JI ]( J[ J( ][ l[ I( ]( J[ ll J[ lf Jf J Slate: : r lf ]( J[ ]( )[ J[ If ][ ]( Jr ]( Jl I[ ]( J[ l( JI I[ ]( J Prn Code: : [ J( J[ ]( ll ]( J Telephone No. ( JI )[ Jl i[ )[ )-·-( ]( J[ J[ J( ]( J[ ]( l (STD Code - Number): :4) Date of Birth: Day- Month-Year ( ][ 1-( ] [ 1-( J[ )[ ][ J (5) Title: State I if are Mr .. 2 Mrs., J Miss: [ ] (6) If you ever held a Licence. state No. and uatc of expiry, otherwise say "Nil". (a) Licence Number: (b) Date of Expiry: Day- Month-Year I J[ JI H l [ )( J( J[ J f J [ 1 [ J[ l-1 ][ l·[ H II JI J C (7) If you apply for licence to work for a life insurer. state I. for a general insurer, state 2. for both state 3 in the box. [ ] (8) lfyou are an applicant from a rural place, stale I. in the box. f J (9) Educational Quali ficat1ons. State I, if you passed Class X; 2: Class XII; J: Graduate; 4: Post-graduate; 5: iryo11 hold a professional qualification such ;1s ACA. FAS I. A1CW A.): [ ] 21 ( I 0) Give particulars of rass in pre-recruitment test conducted hy the Insurance Institute of India or any exanunat1on bodv· (a) Name of Exam mat ion Body: (b) Candidate's Number: (c) Centre of Examination: (ell Date of Passing: ( Day- Month-Year) I II ll H H JI H J[ l[ ll JC H H J[ lf lf H J[ JC I[ 1 I H J[ JI H Jr lf JC JC J[ J l Jl H ll J( J[ J[ Jr J[ ll Jr lf JC H JC H JI I[ J[ J[ J I II H J[ J-f l[ l[ lf l (II) Give parlil!ulars ,1C Prncucal Training completed from an approved institution. (J) Training Hours completed· [ ][ J Cb} Name otTrammg lnst1t11te: I lf l[ )[ )[ ][ l[ ][ )[ )[ I[ )[ J[ l[ ][ ][ Jr J[ J[ ) (c) Caiidrdme\ !\lumber, I )[ ][ JI JI 1[ J[ ][ ][ )[ J (d} Centre (Place) ofTrn1ning.: [ )[ JI l[ ][ )[ ][ J[ ][ J[ ]l )f lf l[ J[ )[ )[ ][ J[ ] ] (c) Starting Date of Training. [ ][ )-[ ][ }-[ ][ ][ ][ ) (Day- Month-Year) J. i !urtilu d~cl:ire that••·· la I I ha, t: not hi:eu touud w he ol un:;out~d n11nd b} il co1m ot contp1Hem Junsdietmn, (h) I ha,.: n<H been lmmd ~u11ty ot' cr:nu1wi rmsappropnanon or i=rumnal bn·uch of trusr or cheating or forge-I)' or 30 ahctmem oi 01 ~ll<.'mpt t() t·r11nm11 om· $Uch offence h}' a coun of compe:tcnt Jur1sd1ct1ou. lt .\ I h:JH' nnt btt<n found guilty ut' fll h) hive knowingly pamc1patcd in or conniv<!d a( any fraud. dishonestly or mis- representa tion :1gam~, on 1nsurc1 or an m!-urcct m 1lte course ol' ~ny ,111dici:1J pro-eec<ling rdatmg ro any pohcy uf 111stuaucc or 1he \i. 1nd1nc up n! an m.sur:inct company or m the COIIIS<.: o( an mvc~ugation of the affa1rs uf nn 11).._a 11.'J, ancJ ~d I Fil ha,·t' 11m \ iolawd llh· cndc o! con<ltlCl !.pcc1tted under Regulation S of lnsura.m:c Regulatory and Development Aurhunly lL:ccm;1ng nt lnsurani:e Agcnist R~~u1at:o.ns. 2000). 4 I lia,c made the pav1ncnt of licence foe or rupees two hundred and fitly and for which I e-nclose the documc1m1ry cv1de11ce, 5, I enclose the liillowrng documen!s in support nf the educational qualification. pre-recruitment test. and the prac11cal Lrrnning (a) ________ (b) _____ ____ _ Place Yours fa1thfolly, Date, S1g:11aturc of appltcan1 c· Strike Olli po111on 1101 l"Ct.jlll l .:,,1,) (;.I nn1 ,1pplitallk lo the applicants ~cc:king licence lorthe first time.) 22 THE GAZETTE OF INDIA . EXTRAORDINARY [PAAT lll-Si;c 4] Notes aod lnsfructions I. An md1v1dual can apply for only one licence which will entitle him to solicit or procure insurance busm~ss of ,my class w1d to act as an insurance ag,~nt foi on-: life insurer. one general insurer. ur both. L Tiu: :ipplicat1nn should be fi lkd ill. as far as possible. in Hindi language or f:nglish language. 1, Anv con-cction or alt~rauon 111adc in any an~wer 10 the quest10ns m tht: application should be lllltiallctl by the ·ipplic,1111 .; An ar,phc~ni mns· he :ii l.:.-ast IX vcars u! a!(<! on ,he• date of the app11c::i!1on, Jf required the apphcanl sha.ll limush pruof of .i~c .; An applicant shull t"urmsh the prool ,,I .:<lu..:atlonal quali!icauon. pass m Lh~ pre-recruitment test rn11duc1cd bv th.:.- Jnsurat1-c !nstnuc~ of lnct1n. Mumbai or an cxammatlcn bo<lv approved by the l1isuranct0 Rc"(ulmorv .md Oe1 ~li>pment ·\11thonty. and complc11on o pmc.ical trainmg from a lrammg 1nst!t:.1L1nn .1pprn1·cd hv the Insurance Regulatory and Development Authority, .ilong "llh the :ir,phcat1011 I his 1s nol ap1,l1cabk: where the .ipplicant is an ahsorbe<l agcnl. (1 The foes p:1y;1hlc h~ an Jpphcant 1s rupc.:s two hundred and fifty. 7 rhc name ,mil lite hcrnn No. ~11 en m lhc: application are 1denncal with tlm~c shown in lhc last licc1wi: held Ir lhcT<' 1s ~ny subscquc!ll d1 • .111g~ i:1 the name, the reason; lnr 1!1L same should be s1:ucd l11m1shm!! dm:umentarv t:1'1dencc 1;1r the same. '- Thi: ,1rpli,-a11on should r.:.ich the 1k:<1vn;1te-0 person bcforc the expiry of l1cc1,ce held by thl' appl•canl hill nut mo:c th;in 1h1ec 1110111'1s he lore such expiry. lf the apphcat1on does not reach the dcs1enlllc1l pt0r;;on .il k$1 •ll davs before 1he date on which the !:is! h,,cncc ceases to he in fpr:e. Jn ,id<l!1in11al li:c "' •)11,· hu11drc•d rupees should be pJyable. In th1f. .:<011nec11on please also rei"e,· 10 the provss,ons <>I sub-sections I j) and r .3A) or section 42 of the lnsurnncc Act, 1938 'l If lh•~ .tf'pl 1t:a11t 1ksi,cs tn work 1or ;1 Ii fr insurer ,1r ., general insurer or h• ,,i1 as the case may be. he slwuld t01irl()s<: die dnc11in,mtarv evidence of the relevant pass 111 the nrc-r,cnmmcnt test and 1.hc ...:c,,11pktu.1n 11' 1h1.. : ci,:\';11H pr,11. 11<.:dl tr u1ung: FORM IRDA-AGENTS-VB rSEE REGULATION 31 INSURA:-.:CE Ri: ,ULA TORY AND DEVELOPMENT AUTHORITY (LICEJ\:SJNGOF I\JSI IRANCL AGENTS) REGULATIONS. '.!000 INSl R,\'\ll'L REGI L:\TORY AND DEVELOPMENT AUTIIORITY. 'JEW DELHI t JC E'\C T NO I II Ii ll 11. ll II ll 1 I I I I 23 LICENCE TO ACT.\~ AN INSl,RA!',;('I•: A(;El'iT llNDER PART II OF THE INSURANCE ACT, 1938(1VOF1938) NAM!! OF !\!SLR,\ \.CE AC,F.NT•t ('QMPOSITL i'\Sl R \t\l I- \L,El\T I ADRESSS I la\'ing pm<l 1lw prc,c11bcd Ice ,tnd h<1v111!; 111ade tile necessary dcclar~t10n 1s hereby authonscd to act an insuraHn.: .. ~c11t for three vcar~ frum ________ for procuring or solic1t111g insurance husit1,••:~ ,,1 01w l11'c in,urcr• 1 one t(t:ncral 10~urcr*/both• l'htcc I l;11,: '-;1j111;ilurc 111 Lil, 11 , J, .. 1<1u l11r Insurance Rq4ulatury and DL!vclllJ'rll<'III ,\1111t,,n1y I k~1g11utcJ Person ·1 111, 111:~·nrc 1, '"'' \,il1d 11111.:·,, 11 hc,u, ,t lasn1111lc ut 1l1c s1~11.11u1c ,11 Ilic d1,11rpcrson nf the 111,111·,m,c Rc~111.,1.,r\ 11111 lkvdopmcnl 1\11lhomv .111Ll tile 1p1t1a!s of II pcrsu11 .1111hn11•,cd hy h11n 111 1111, hchulL lht ,1"11,11,11,• 111 lht: i11't'll<l h11ldl'1 ,iml lhc Hle111111• .-,1rJ(s) Tho ht'l'llt'<' huldc1 slto11ld plll l 11i, ~1~rn11111t .b ~11,,11 a~ IBTIH:I..' 1~ rcn.·1vcd 11 1 t·, dcs11u , 1·," 1111, hu.:w. lt11 ,t liJJlhn l'-=m•d tht· pron·Juru 1111d d1>\\J1 Ill R~g,11l.111u11 l ,,1 l\lSI R,\ ,( I! H ,1 I ,\ If )RY ,\ '\[/ I)[ Vl'I 01':',ll"N r ,\U I 1101{1 rY I Lit 'l•NSIN(, 01· 11':~I 'l<A'\1 I \< • \!T:-;1 IU ( it I \ 110\J'.--, '0ll11 sh,11! he f.,llmv,•<f. ,11111 ,,ppltc,111,111 lt,r 1,11,•\\,II sh,,-1 ,I 11 11 I lh1; U..::,1~11.11<:d 1\•r~ull h,11111 the lic,·Hcc ~Xl'lrc~ In tlm co111H:ct11111 ,,11,•11111111 i< , • 111\llt·d In lh.- 111,>1 1,11111'. nl hllh scr111111s (\)and J 1,\) td' ,-.diun .;2 111 1111• , l' \- I I 1 \ :) .__11 ~. ·"" ~ ll,\.. IIL-....iLL I"'·'· r to ,tt.:t as Jn iLg.cnt lOr tht· 1nsuranc1:; bllsmci-,s !-ipcc1ticd 1hcre1mde1 •""' •I .Tc'ln!'<! nn 1dcnt1ly111~ mJrk or 1ote of anv <lescnpt1011 by ,,nich the 1de11111y "I ,111 111sun:r 1 1 •I I hl e,1;1hl1<ltcJ ;hm1l1I bl. placed on the lirence, J \.u ..:orrecti,11 1l 1111, 11':<.:ncc will hr , al1<l unless 11111Jallcd bv the Insurance Re!!ulaton· and . ~ . Lkvelopmetll \1111,, 1,:, i>r a person .1111honscd by lmn tn this behalf. ~ rl1c .tlll.'1tl1011 I 111- l1c<:11te holde1 1, dra\rn 10th.: code 1}1 conduct spec1tied under Regulalion 8 of INSL RA\l I: RLGUL\ fORY AND DEVELOPMENT AUTHORITY (LICENSl1'G OF 11\SliRA \J( T \l ;rvrsi REGllL ·\ r!O\JS, 2000 .• 111d any violatKm of code of conduct may l'l'Sllll in canccllat111n 0f licence. 24 THE GAZETTE OF INDIA : EXTRAORDINARY [PART Ill SF<' 4] FORM IJlDA-AGENTS-VC !See Regu/1111011 31 /11s111·a11n· ReK1,/ll!r,n al/(/ I >,·,·clopme111 .1whnn11• (Lu.:cmsing of l11s11rance Axems) Regula1w11s. :}(/()() APPLICATION FROM A FIRM OR COMPANY FOR A LICENCE / RENEWAL OF LICENCE TO ACT AS A."\ INSURANCE AGENT TO THE TNST.;RA;>.;rF. Rl:C,l ll A l'OR Y .1\ SD DEVELOPMF.l\T AlJTl lORITY. UEPARTvlENT OJ· Llrl'.NSl~G. NEW DELHI DEAR SlRS. ll is rc4uesti::<l that •·· (al •a liccnct: 10 uct :L~ an 111sura11rc uge111"'iu cmnpos11c insurance agent* may be granted to ,)ur Firm!lomp.iny: lhJ •our ltcc11cc be,11 ning nt1111bcr _ _______ and expiry date ____ _ may be renewed l,w" funJ1<;r penod of three years. 2. It is bcrehy declared tlia1 particulars given helow are tn1c and that the licence for which our Finn/Company apply will he used only by our Fim1/Company for soliciting or procuring insurance business. (I) '\ame: I II 11 JI II Jr II f[ Jl H J[ lf ll H Jf I (2) Full Ad<.in:,s I louse No I I[ JI ,[ ][ II I[ J( JI ][ l SLn:el: [ JI JI Jl H I[ )[ JI J[ ][ II ][ Jl J[ lf JI fl ][ JI J[ ] Town: I JI ][ JI I[ l[ II )[ H I[ Jf J[ JI J[ ll J[ H JI H JI I D1s1nct: I I[ JI I[ ][ I( ][ ll IL ][ ][ l[ ][ JI I[ H ll H H JI l Slate . [ JI I[ ll I[ l[ J[ ll J[ ll J[ ][ lf If J[ lf J[ )[ II ][ J Pin Code: : I ll ][ ]( I[ lf I telephone No. I Jl JI ll J[ 11 ]·-·[ II ][ ll l[ l[ JI I[ l (STD Code·· '\u111he1 J (3 l (i) (In the case of a F1m1) the names of all the panncrs therein: ( iii) (In the case or a Company) the narne.s of the Directors: C 25 (4) Whether the P:i.rmcrsh1p Dc:cd*/Memor:.u1dum of Association" contains as main objects Lhc carrying on or soliciung or proctrrmg 111surance b11s111c.-ss as an 111surancc agent. (Pkasc endosc a certified copy of 1he Partnershir> Decd"/Memorandum of Associati(ln"') (5) The date irom when the ltcencc should be cffccuw: (<1) ff you apply for licence lO wurk for a Ilic insurer. state I. a general insurer. s1a1e.1. fi,r hmh, State 3 m 1he box. 3. II is further declared 1h::tt--- , J (a) any partn!!r or our Pim1*/ any Director of our Company"' has 1101 been found io be of unsound minJ by a coun of competem :urisd1ct1on; (h) any partner of our Firm*/ ;my Direcwr of our Company* has 1101 been found guilt) of criminal misappropriation or crnmnal breach uf trust or cheating or forgery or an ahctmcnt of or aucmpt to comm>! any such offonc..: by a coun of competenl jurisdicllon; (c) any partner of our Firm* ;my Director of our Company* has not been foun<l guilty of or lo have knowingly panic1paicd 111 or connived at any fraud. disho11cstly or m1s-rcprcscma11011 against an insurer or an insured 111 the course of:m} .1u<licial proceeding relaung Ln any polic~ ot' insurancc or 1he winding. up or :m insurance company or in the course of an invcsl:gallon of the affairs of an 1nsurc·r; (d) any partner of our Firm~/ my Director or our Company* ha$ not ,·iolatcd the co<lc of conduc1 specified under Regulation 8 of Insurance Regulatory and Developmenl Authori1y (Licensing of lnsurance Agents) Regulations. 2000). (e) the apphcanon 111 Form IR.Di\-Agcms-V ior each pannci or our F1r01*1cach Director of our Company* has been l.'11rlosed along with 1his form: (f) any partner of our Fim1~ 1 any Dirccwr of our Company* is not a minor. 4. The paymem of licence fee of 111pccs 1wo hundred and fifty has been made and for which the rece1pl ,s enclosed. 5. The Jocuments 111 supporl of 1be educat1011;1I qualification. pre-recn.1itment lest. and the practical trammg. in respccl of all µartncrs of our Firm*/ all Directors of our Company• have been enclosed :ilong with rius fo,111. (* Strike out ponion not rc4t:ired.) Place Date: Yours fa11hfully, Signature of applicant ! I 26 TBE GAZETTE OF INDIA: EXTRAORDINARY [PART ffi-SEC. 4] Notes I. The application should be filled in, as far as possible, in Hindi language or English language. 2. Any correction or alteration made in any answer to the questions in the application should be initialled by the applicant. 3. The fees payable by an applicam 1s nipees two hundred and fifty. 4. The name and the licence No. given u1 the application are identical with those shown in the last licence held. If there 1s any subsequent change 111 the name, the reasons for the same should be stated fumjshrng documentary evidence for the same. 5. The application should re;1ch the tl'cs1g11atcd person before the expiry of licence held by the ,1pplication but not more than three months before such expiry. If 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 hw1C!rcd rnpees should be; payabie. ln this connection please also refer to the prov1s1011s of ~ub-se<.:1ions (J) and C:,A) of section 42 of the insurance Act, I 938. 6, If the F1m1 or Company desires to acl ,1s an insurance agent or a composite insurance agent. as the case may be. the documentary evidence of the relevant pass in the prc-ceeruttment test and I.he co1npletio11 or the rclcv:mt practical training of pa11ners of the Fim1 or directors of the Company shoulu be enclosed. 7. In case of a Firm. the signatory to tile application (being a paitncr) should enclose a ccrufied copy of the resolu11011 of all the partners authorising him to make the application. ln the case of a Company, the signatory 10 the appilcallon (bemg a director) should enclose a certified copy of the resoluuon of Board of Directors authorismg him to make lhc application. • ' ' 'lM ,i;i "U,l!'lll : :smt'ITT"T FORM IRDA- AGENTS-VZ tScc Regulation 3) /11s11ru11cc• Rcsrullltory and Dr,·elopme111 Authority (L1censi11g of !11surance Agents) Regulations, 2000) lndhidual lnsuraacc Agent•~ idcotitv card A,- 11''\ Slglt11,lt.1te 1 lil-1111-1 Ill I \ .1h~ ,1ph.1 11' Hli!-1 111 I A,-.n:·, ! ,. '" '" Nun,e 01 ll1t: t\>?,~Ot f;., hct''\.tlt.,; ind'• 1'.,.11,C: l )I f11,;.; nl :he hi~llrt:1 W1t:'I "'h,1-n, lhC .... '1."f«( n .atUdJICQ Ilk· hvld("r lll lhb \JIU,,. .authon'<d 1,1 ... ,11 t1u1 !1hur..l1'ICC pr(lducis, :n. rw;r 111n 1crr11-. .;itHI i,;,,nuc11,,11, ,1 •_·•-h.Jl°\; OI ,1ic,.,r.,. ,,ui l'(l'i,llfl \...Jul\. 111 111-.ur>:1 (Wun :,,c.tll , ;-1~1-Ur 1.1..1_1 ...:._ ________ ."",·,c.•;..•·•c.••.c.)n ""'"''"' .. "'. 'c.•..c•·•_, __ ~·.:.•-------"" r--- -- ---------------------. :\dJ1~, and telephone ,iumlx·,, 1H 1hi: ln~unT ( It rc:quircd 10 h, {;Onw.ctcd bv :my uni!' in ..:onn~c,u,n \\.1th the hoidC'r ol du~ card} 27 ! I 28 THE GAZETTE OF-INDIA : EXTRAORDINARY [PART ID-SEC. 4) FORM IRDA-AGENTS-VY (See Regulation 3) Insurance Regulatory w1tl Developme11r Autho;ity (Lzccnsmg of Insurance Agents) Regulations, 2000) Corporate Agent's Identity C:u·d Valid up10 I IIH II J·I IIJ bom on IIIH J!H II ! O lh.:i: OJ 1hc hi:.ur~, \\llh Wi'l<!fll lbc <.'orprn~lc lnSllfill't',;c: Uf'ent IS lilt:lclu,-d -mi~ ...:.ud .1uU1.ill1S\.'\ 1hc L,,1r 111r.:i1c 111.sUJ-;mce :itt,1.:01 ri.im~ abo\•e IC> ~II 1.>Ur msur:incc prvduc·ts-. a::; pi;r ou1 terms: :ind cond1llons. S1~•.1,!1hJfC HI ( >l~!tlJ;llllt:O Pc:M I' N:in'< \lf 11,.,.u1t"r (\\1 1th Wal ► '\cblrcs.s .iml Ceiephnni; W\\mW\c.•r.; ol lhi: lta,,v,1.·1 ill t1.-,.jtut1!{J lt1 ht' l'1)nt:ic1 hy :.an~ ooc In 1.C•Hlnt'Ltm,, 1'>!1h lhc: holder +'I 1h1s 1:.:1rd j , _ _ ____ _J N. RANGACHARY, Chairperson [No ADVT.-3/4/Exty/161/2000] Pnmcd by the. Mamgt.T, Govt. of India. Pre$$, Ring Rcu1d. Mayapuri. New Dclhi-110064 and Published by tht Contr0ller of Public:ttiOM. Oclhi-11005-4 - 2000