IRDAI issues Circular on Disclosure of Information in Form K of IRDAI (lnsurance Brokers) Regulations, 2018

Sep 18, 2018 | by Avantis RegTech Legal Research Team


Insurance Regulatory Development Authority of India (IRDAI) vide circular dated September 10, 2018 has elaborated about the disclosure of information in Form K of IRDAI (Insurance Brokers) Regulation 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 l- Form K of IRDAI (lnsurance 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

i)The applicant or any of the Partners/Directors, or key managerial Personnel have been subject to any investigations or disciplinary proceeding or have been issued warning or reprimand by any regulatory authority: and/or

ii) Have been subject to any investigation at the instance of Government department or agency: and/or Have at any time been found guilty or violation or rules / regulations / legislative requirements by customs / excise / income tax / foreign exchange / other revenue authorities.

iii) Have at any time been found guilty or violation or rules / regulations / legislative requirements by customs / excise / income tax / foreign exchange / other revenue authorities.

ln addition, the broking companies are also advised to submit Form G of Schedule-l of IRDAI (lnsurance Brokers) Regulations, 2018 through email at [email protected] 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 (lnsurance Brokers) Regulations, 2018, as per Schedule ll - Form UA of Regulation 34 (7) of IRDAI (lnsurance Brokers Regulations), 2018.

[IRDA|/BRI(MISC/CIR/146/09/2018]

URL- https://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo3593&flag=1

 

 


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