Section 35 in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
35. Ceiling on business from single client.
(1)The business of the insurance broker shall be carried in such a manner that, not more than 50 percent of the remuneration shall emanate from any one client in a financial year.Note: For the purposes of this regulation, the term "client" shall include, in the case of a firm or a company, an associate or a subsidiary or a group concern under the same management. The definition of "group" shall have the same meaning as defined in IRDAI (Investment) Regulations, 2016.(2)The percentage of remuneration as specified in sub-regulation (1) will not include reinsurance remuneration as well as remuneration towards insurance business emanating from a Government body or Public sector undertaking.(3)The decision of the Authority as to whether a company, a business or an organisation is under the same management shall be final.(4)An insurance broker shall furnish a certificate duly certified by a Chartered Accountant confirming compliance with this regulation every year along with the audited accounts.
