Section 24(3) in The Insurance Regulatory And Development Authority (Insurance Brokers) Regulations, 2002
(3)The indemnity cover-(a)shall be on a yearly basis for the entire period of license;(b)shall not contain any terms to the effect that payments of claims depend upon the insurance broker having first met the liability;(c)shall indemnity in respect of all claims made during the period of the insurance regardless of the time at which the event giving rise to the claim may have occurred:Provided that an indemnity insurance cover not fully conforming to the above requirements shall be permitted by the Authority in special cases for reasons to be recorded by it in writing.
