Procedure to be followed to deal with resignation of Insurance sales Person

iatai Ref: IRDA/INT/CIR/IMFJ /,U/05/2017 \4 Hffh~ ~ Rf f.h.11qf.fi 3ITT Rf cfilft ~ INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA 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. Encl: as above ~ -qft~ \l<H, cftwrmi, iil!ln(•IIII, ~-500 004. ~ ({) : 91-040-2338 1100, ~: 91-040-6682 3334 i-~: irda@irda.gov.in ~: www.irda.gov.in ~ Member (Non-Life) 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 SI. Union Territory Allotted to No. 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 Kera la 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