| Notification Detail :
IRDA (INSURANCE BROKERS)(SECOND AMENDMENT) REGULATIONS, 2013
NOTIFICATION NO. [F.NO. IRDA/REG/6/64/2013], DATED 7-2-2013
In exercise of the powers conferred by section 1I4A of the Insurance Act, 1938 (4 of 1938) read with sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999 (4 of 1999), the Authority in consultation with the Insurance Advisory Committee, hereby makes the following regulations, namely; -
1. Short title and commencement
| (1) |
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These regulations may be called the Insurance Regulatory and Development Authority (Insurance Brokers) (Second Amendment) Regulations, 2013 |
| (2) |
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They shall come into force on the date of their publication in the Official Gazette. |
2. Consideration of Application
| (i) |
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Clause 9(3) shall be substituted for the following:- |
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"Any employee responsible for soliciting and procuring insurance business on behalf of an insurance broker shall also have to fulfill the requirement mentioned in sub-regulations (1) and (2) above, a list of such employees needs to be provided to the Authority in form E provided under Schedule I to these regulations and acknowledged by it" |
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Requirement of Capital |
| (ii) |
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A new Regulation 10 (1A) is inserted after Regulation 10(1) as under |
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10(1A) an insurance broker shall provide information regarding its capital structure and details of shareholding annually on or before 30* June of every year. Further, any change in capital structure will be reported within 30 days in Form provided under Schedule I to this regulation. |
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Renewal of license |
| (iii) |
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Under regulation 13 (4) the words 'Form B' is substituted with "Form provided under Schedule I to this Regulation" |
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Effect of refusal to grant license |
| (iv) |
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Under Regulation 15, the words "Regulation 13(2)" is substituted with "Regulation 14(2)" |
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Issue of a duplicate license |
| (v) |
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Regulation 16(1) the word "in the prescribed form given in schedule I" shall be added after an application |
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Under Regulation 16 (2) the words "in Form B" is substituted with "in Form R provided under Schedule I to this regulation " |
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Deposit Requirements |
| (vi) |
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After Regulation 22(1), a new Regulation 22 (1A) is inserted as follows. |
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"Details of such fixed deposit shall be furnished in Form I provided under Schedule I to this regulation " Maintenance of books of account, records, etc. |
| (vii) |
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Under regulation 25 (2) after the words auditors report the following words is added 'including details regarding PAN, DIN and declaration ' |
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Disclosure to the Authority |
| (viii) |
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A new Regulation 28(2) is inserted after Regulation 28(1) as under |
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'An insurance broker shall furnish the following in respective forms (as specified below) provided under Schedule I to this regulation'. |
| a. |
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Audit arrangements in Form D |
| b. |
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information about registered and branch offices at the time of grant of license/ renewal/whenever an office is opened or closed in Form F |
| c. |
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the standing arrangement with other brokers or service providers in Form G |
| d. |
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spread of business during the year ending in Form H |
| e. |
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insurance Bank Accounts may be submitted in Form J |
| f |
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professional Indemnity Insurance in force in Form K |
| g. |
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the claims data in Form L |
| h. |
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reinsurance balances outstanding in Form M |
| i. |
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security screening proceedings for reinsurance broking in Form N |
| j. |
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board of Directors/ Partners, and management details in Form P |
| k. |
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financial data of brokers in Form Q |
| l. |
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business particulars of brokers in Form S |
| m. |
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organization structure in Form T |
| n. |
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reinsurance business details in Form V |
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