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The Insurance Regulatory and Development Authority of India withdraws Circular No.IRDA/DIST/BRK/CIR/205/10/2013 with immediate effect. Insurance companies and insurance broking companies stop submitting data under the withdrawn circular. Insurance brokers submit an undertaking at the time of license renewal if the license renews after the due date. The undertaking states that no business was underwritten during the break-in period of the license.
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[Image omitted. See the official document.]
No.IRDA/BRK/MISC/CIR/120/05/2017
24th May 2017.
To CEOs of all insurance companies POs of Insurance Broking companies
Reg. Withdrawal of Circular No.IRDA/DIST/BRK/CIR/205/10/2013 dt.30.10.2013.
This is to bring to your notice that Circular No.IRDA/DIST/BRK/CIR/205/10/2013 dt.30.10.2013, stands withdrawn with immediate effect. Henceforth furnishing of data in compliance of the said circular need not be submitted to the Authority.
The insurance broker shall submit at the time of renewal of license, in cases, where license is renewed after the due date, an undertaking, stating that "no business was underwritten during the break-in period of the license".
(Randip Singh Jagpal) Chief General Manager
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