Section 11 in Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015
11. Conditions of grant of registration to Insurance Marketing Firm.
- The registration granted under regulation 10 shall, inter alia, be subject to the following conditions:-11.1The Insurance Marketing Firm registered under these regulations shall be permitted to solicit and procure insurance products of two life, two general and two health insurance companies only;11.2The Insurance Marketing Firm shall comply with the provisions of the Act, as amended from time to time, Insurance Regulatory and Development Authority Act, 1999 and the Regulations, Circulars, Guidelines and any other instructions issued there under;11.3The Insurance Marketing Firm shall forthwith inform the Authority in writing, if any information or particulars previously submitted to the Authority by them are found to be false or misleading in any material particular or if there is any material change in the information already submitted;11.4The insurance marketing firm shall take adequate steps for redressal of grievances, of the clients within 15 days of receipt of such complaint and keep the Authority informed about the number, nature and other particulars of the complaints received from such clients in format and manner as may be prescribed the Authority as may be notified separately;11.5The Insurance Marketing Firm shall solicit and procure reasonable number of insurance policies commensurate with their size and the number of ISPs they employ.11.6The Insurance Marketing Firm under no circumstance shall undertake multi-level marketing;11.7The Insurance Marketing Firm shall ensure compliance of Code of Conduct applicable to ISPs, FSEs and of all other insurance service activities undertaken by them;11.8The insurance marketing firm shall comply with the requirements/conditions/regulations of other regulatory/ statutory authorities.
