Section 40 in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
40. Disclosures to the Authority.
(1)An insurance broker shall disclose to the Authority on their own any material change which has a bearing on their certificate of registration within 30 days of such change;(2)an insurance broker shall disclose to the Authority, as and when required by it, in any event not later than thirty days of a requisition, the following information, namely -(a)their responsibilities with regard to the placement of an insurance or reinsurance contract;(b)any change in the information or particulars previously furnished, which have a bearing on the registration granted to them;(c)the names of the clients whose insurance portfolio they manage or have managed;(d)any other requirement or information specified by the Authority from time to time :Provided that in case of a person specified in regulation 2(1)(m)(iv), the Authority may call for and obtain such information as it deems fit.(3)In any case, an insurance broker shall have to take the prior approval of the Authority for the following;(a)Change of Principal Officer;(b)Change of Director(s)/Partner(s) provided that in the event of resignation of the Director / Partner, the Authority may be informed;(c)Change in name of the company;(d)Change in place of corporate/registered office, if such change is not within same city in which case the same may be informed;(4)An insurance broker shall furnish to the Authority the following information as and when there is a change/addition to the information furnished previously to the Authority.(a)Opening/closing of branch offices;(b)List of broker qualified persons and point of sales persons;(c)Claim under the professional indemnity policy;(d)Acquiring of immovable property;(e)Change in principal place of business within same city;(5)The Authority may from time to time require the insurance broker to furnish information/data/documents in the manner as may be specified in the matter.(6)Failure to comply with this regulation shall attract penal action, in accordance with the provisions of regulation 48 being taken against the insurance broker.Explanation: (1) For the purpose of this regulation, `material change? means any change which has a bearing on consideration of their application under regulation 8 of these regulations.(2)For the purpose of this regulation, the `principal place of business? means location of head office of a business where the books and records are kept and/or management works.
