Laws and sections by number or title, due dates, pages, and updates.
Insurance Marketing Firms must follow a specific procedure when an Insurance Sales Person resigns under the Insurance Regulatory and Development Authority of India regulations. The Insurance Marketing Firm forwards the resignation letter and a copy of its registration certificate to either the Life Insurance Council or the General Insurance Council. The correct council depends on the state or union territory location. The council then sends the request to a three-member committee for approval. The committee communicates its decision to the Insurance Marketing Firm and informs the Authority.
What you must do
Key dates
Who is affected
Ask about this circular
![Image omitted. See the official document.]
Ref: IRDA/INT/CIR/IMF/122/05/2017
25th May, 2017
CIRCULAR
Sub: Procedure to be followed to deal with resignation of Insurance Sales Persons (ISPs) of Insurance Marketing Firms (IMFs).
Regulation 27.2 (b) of Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015 (hereinafter referred as IMF regulations) envisages that the resignation of ISPs of IMFs shall be approved by a Committee constituting members nominated by Life Insurance Council or General Insurance Council. Accordingly, a three-member Committee is constituted by the Authority.
Regulation 27.2 (c) of IMF Regulations stipulates that the authority shall allot States/Union Territories (UTs) to Councils. Consequently, the authority has allotted States/UTs to Life and General Insurance Councils to receive the requests from IMFs which are located in various States and UTs. The allocation of States and UTs is appended herewith as Annexure A.
On receipt of resignation letter from an ISP, the IMF has to forward the same along with the copy of its registration certificate either to the Life Insurance Council or General Insurance Council as per the above allocation under intimation to the Authority.
The Council shall forward the requests of ISPs to the Committee and the decision of the Committee shall be communicated to the IMF under intimation to the Authority.
This circular is issued under the powers vested with the Authority in Section 14 (2) of IRDA Act, 1999 read with Reg. 28 of IMF Regulations.
Sd/- (P.J.Joseph) Member (Non-Life)
Encl: as above
പരിശ്രമം ഭവൻ, മൂന്നാം തലം, ബഷീർബാഗ്, ഹൈദരാബാദ്-500 004. ഭാരതം Ⓒ : 91-040-2338 1100, ഫേക്സ്: 91-040-6682 3334 ई-मेल: irda@irda.gov.in വെബ്: www.irda.gov.in
Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004. India. Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334 E-mail: irda@irda.gov.in Web.: www.irda.gov.in
Annexure-A
Sl. No. | Union Territory | Allotted to 1 | Andaman and Nicobar Islands | Life Insurance Council 2 | Chandigarh | General Insurance Council 3 | Dadra and Nagar Haveli | Life Insurance Council 4 | Daman and Diu | General Insurance Council 5 | National Capital Territory of Delhi | Life Insurance Council 6 | Lakshadweep | Life Insurance Council 7 | Puducherry | General Insurance Council States 1 | Bihar | General Insurance Council 2 | Chhattisgarh | General Insurance Council 3 | Gujarat | General Insurance Council 4 | Haryana | General Insurance Council 5 | Jammu and Kashmir | General Insurance Council 6 | Karnataka | General Insurance Council 7 | Madhya Pradesh | General Insurance Council 8 | Maharashtra | General Insurance Council 9 | Meghalaya | General Insurance Council 10 | Odisha | General Insurance Council 11 | Rajasthan | General Insurance Council 12 | Sikkim | General Insurance Council 13 | Telangana | General Insurance Council 14 | Tripura | General Insurance Council 15 | Uttarakhand | General Insurance Council 16 | West Bengal | General Insurance Council 17 | Arunachal Pradesh | Life Insurance Council 18 | Himachal Pradesh | Life Insurance Council 19 | Nagaland | Life Insurance Council 20 | Andhra Pradesh | Life Insurance Council 21 | Assam | Life Insurance Council 22 | Goa | Life Insurance Council 23 | Jharkhand | Life Insurance Council 24 | Kerala | Life Insurance Council 25 | Manipur | Life Insurance Council 26 | Mizoram | Life Insurance Council 27 | Punjab | Life Insurance Council 28 | Tamil Nadu | Life Insurance Council 29 | Uttar Pradesh | Life Insurance Council
Sd/-
