Laws and sections by number or title, due dates, pages, and updates.
Insurance brokers must disclose criminal proceedings, investigations, and regulatory penalties involving the applicant, partners, directors, or key managerial personnel to the Authority. Principal Officers must furnish details if applicants or key personnel face investigations by government agencies, regulatory warnings, or violations found by revenue authorities. Broking companies also submit Form G through email annually within forty five days of the close of the financial year. Additionally, brokers submit an annual auditor certificate on the compliance of the regulations.
What you must do
Key dates
Who is affected
If you do not comply
Ask about this circular
[Image omitted. See the official document.]
IRDAI/BRK/MISC/CIR/ 146 /09/2018
10th September, 2018
CIRCULAR
To The Principal Officers of all Insurance Brokers.
Re: Disclosure of information/details as per Point 5.3 - Schedule I - Form K of Regulation 14 (1) of IRDAI (Insurance Brokers) Regulations, 2018.
A few instances have come to the notice of the Authority that some criminal/judicial proceedings are initiated/filed against some brokers or the KMP's by Government Agencies. It is also observed that these are not brought to the notice of the Authority.
Therefore, reference is invited to Regulation 14 (1) - Renewal of Certificate of Registration - Point 5.3 of Schedule I - Form K of IRDAI (Insurance Brokers) Regulations, 2018, which stipulates that the insurance intermediaries have to furnish the details of Offences, if any, by the applicant or any of the Partners/Directors, or key managerial Personnel in the last three years.
Therefore, all the Principal Officers, are advised to furnish details in case if:
Failure in furnishing the aforesaid information/data will be deemed as violation of the IRDAI (Insurance Brokers) Regulations, 2018, therefore, attract necessary Regulatory action.
In addition, the broking companies are also advised to submit Form G of Schedule-I of IRDAI (Insurance Brokers) Regulations, 2018 through email at brokers@irda.gov.in. Kindly note that Form G should be filed with the Authority annually within 45 days of close of the financial year.
Further the PO's of insurance broking companies are also advised to submit the certificate to be issued by the auditor of the insurance broking company annually on the compliance of the IRDAI (Insurance Brokers) Regulations, 2018, as per Schedule II - Form UA of Regulation 34 (7) of IRDAI (Insurance Brokers Regulations), 2018.
[Image omitted. See the official document.] Sujay Banarji Member(Distribution)
सर्वे नं. 115/1, फाइनेंशियल डिस्ट्रिक्ट, नानकरामगुडा, हैदराबाद-500 032, भारत Survey No. 115/1, Financial District, Nanakramguda, Hyderabad-500 032, India (): +91-40-2020 4000,फैक्स : +91-40-2020 4555 (): +91-40-2020 4000, Fax : +91-40-2020 4555 वेबसाइट : www.irdai.gov.in Website : www.irdai.gov.in
