IRDA cancels two brokers’ licences

July 13th, 2010 | Category: News and Analysis, Regulation | No Comments » Email This Post Email This Post
Insurance Regulatory and Development Authority (IRDA) has cancelled, in the middle of May 2010, the licences of two insurance brokers registered with it namely, IL & FS Investsmart Insurance Brokers Ltd and Victory Insurance Brokers Pvt Ltd.
IL & FS Investsmart Insurance Brokers Ltd, a direct insurance broker registered with IRDA has its Registered Office at Dhana Singh Processor Premises, 2nd Floor, J.B Nagar, Andheri-Kurla Road, Andheri (E), Mumbai- 400 059. It conveyed  to IRDA through a letter dated October 29, 2009, its plans to surrender its licence.
Victory Insurance Brokers Pvt Ltd has its Registered Office at Shree Ram Mills Premises, 3rd Floor, Ganpatro Kadam Marg, Worli, Mumbai-400 013. It conveyed  to IRDA through a letter dated March 29, 2010, its plans to surrender its licence.
Regulation 40 of the IRDA (Insurance Brokers) Regulations, 2002, requires that a broking company should service the contracts already concluded for six months, during which time suitable arrangements should be made for those contracts to be attended to by another licensed insurance broker.
IRDA has said in a note that IL & FS Investsmart Insurance Brokers Ltd has confirmed having made such arrangements and hence, the Authority has cancelled its licence.
Victory Insurance Brokers Pvt Ltd has given an undertaking to service the existing clients whose policies are in force for a period of six months as required under Regulation 40 within which period it would make suitable arrangements with another licensed broker to service the contracts already concluded. Hence its licence has also been cancelled by IRDA.

Insurance Regulatory and Development Authority (IRDA) has cancelled, in the middle of May 2010, the licences of two insurance brokers registered with it namely, IL & FS Investsmart Insurance Brokers Ltd and Victory Insurance Brokers Pvt Ltd.IL & FS Investsmart Insurance Brokers Ltd, a direct insurance broker registered with IRDA has its Registered Office at Dhana Singh Processor Premises, 2nd Floor, J.B Nagar, Andheri-Kurla Road, Andheri (E), Mumbai- 400 059. It conveyed  to IRDA through a letter dated October 29, 2009, its plans to surrender its licence. Victory Insurance Brokers Pvt Ltd has its Registered Office at Shree Ram Mills Premises, 3rd Floor, Ganpatro Kadam Marg, Worli, Mumbai-400 013. It conveyed  to IRDA through a letter dated March 29, 2010, its plans to surrender its licence. Regulation 40 of the IRDA (Insurance Brokers) Regulations, 2002, requires that a broking company should service the contracts already concluded for six months, during which time suitable arrangements should be made for those contracts to be attended to by another licensed insurance broker. IRDA has said in a note that IL & FS Investsmart Insurance Brokers Ltd has confirmed having made such arrangements and hence, the Authority has cancelled its licence.Victory Insurance Brokers Pvt Ltd has given an undertaking to service the existing clients whose policies are in force for a period of six months as required under Regulation 40 within which period it would make suitable arrangements with another licensed broker to service the contracts already concluded. Hence its licence has also been cancelled by IRDA.

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