Section 22 in Insurance Regulatory and Development Authority of India (Registration of Corporate Agents) Regulations, 2015
22. Disclosures to the Authority.
(1)An applicant desires to become a corporate agent shall disclose to the Authority at the time of filing application all material facts relevant for consideration of application, on its own. In case of any change in the information provided for consideration of their application, subsequent to filing of application or during the processing of application, such change shall be disclosed to the Authority, voluntary by the applicant, for consideration of the Authority.(2)Similarly, a corporate agent who holds a valid registration issued by the. Authority shall, subsequent to the issuance of registration, disclose, to. the Authority voluntarily, any change in material facts, based on which a registration was made to them, within a reasonable time but not later than 30 days from the happening of such change. The Authority upon receipt of such information, may seek any clarification or issue such directions as it deem fit.(3)A corporate shall disclose to the Authority proceedings initiated against them by other regulatory or Government bodies within a reasonable time but not later than 30 days from the initiation of such proceedings. Any action or direction issued by such other bodies shall also be disclosed to the Authority within the time limits prescribed above.(4)The Authority may require, from time to time, the corporate agent to furnish such information or return as deemed appropriate.(5)The corporate agent shall disclose to the Authority the details of its offices in which they propose to distribute insurance products and details of Specified Persons along with their certificate number issued by the Authority. Further, any opening or closure of an office by a corporate agent shall be informed to the Authority. The Authority may seek further information as it deem appropriate.(6)Failure to adhere to the conditions set out above shall attract regulatory actions such as suspension or cancellation of registration, imposition of monetary penalty or any other action which the Authority deem fit.
