Section 3(2) in The Insurance Regulatory And Development Authority (Licensing Of Corporate Agents) Regulations, 2002
(2)The designated person may, on receipt of the application alongwith the evidence of payment of fees to the Authority, and on being satisfied that the corporate insurance executive of the applicant-(i)possesses the qualifications as specified under regulation 4;(ii)possesses the practical training as specified under regulation 5;(iii)has passed the examination as specified under regulation 6;(iv)has furnished an application complete in all respects;(v)has the requisite knowledge to solicit and procure insurance business; and(vi)is capable of providing the necessary service to the policyholders, grant or renew, as the case may be, a license in Form IRDA-Corporate Agents-L-1:Provided that the identity card shall be in Form IRDA-Corporate Agents-ID-1:Provided that a license issued in accordance with this regulation shall entitle the applicant to act as corporate insurance agent for one life insurer or one general insurer or both, as the case may be.Notwithstanding anything, contained in the above, the Authority may refuse or reject, for reasons being recorded, an application if it feels that the grant of license may be against public interest or when the application is from such a person or group of persons who is or are already engaged as insurance agents, brokers, etc.
