Section 29 in Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015
29. General.
- 29.1 From the date of notification of these regulations no person can function as an Insurance Marketing Firm unless a registration has been granted to him by the Authority under these regulations.29.2Any disputes arising between an Insurance Marketing Firm and an insurer or any other person either in the course of his engagement as an Insurance Marketing Firm or otherwise, may be referred to the Authority by the person so affected; and on receipt of the complaint or representation, the Authority may examine the complaint and if found necessary proceed to conduct an enquiry or an inspection or an investigation in terms of these regulations.29.3Any dispute arising out of carrying functions relating to non-insurance by FSEs engaged by the Insurance Marketing Firm shall fall under the jurisdiction of the respective regulators/statutory bodies. However, in case of any action initiated/taken by the respective regulators/statutory bodies against the FSE/IMF, the same shall be informed to the Authority immediately and the Authority may take into account such action and in case such action warrants any disciplinary action against the Insurance Marketing Firm, the Authority may initiate proceedings in the matter.
