Section 58 in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
58. Repeal and Savings.
(1)Every Insurance Broker granted License or Certificate of Registration for acting as an insurance broker under the earlier regulations shall be valid under these regulations.(2)Existing Insurance Brokers shall ensure compliance of the provisions relating to paid-up equity capital and net-worth requirements within a period of two years from the date of notification of these regulations and other requirements specified in these regulations within six months from the date of notification of these regulations.(3)However, the Authority may, on an application made to it by an existing insurance broker, for valid reasons, grant a further period of six months time to comply with the Regulations.[***] [Omitted '(4) An undertaking to the effect that compliance of 'Indian owned and controlled' as required under the regulation has been ensured shall be filed by all Insurance Brokers duly signed by the Principal Officer and Chief Compliance Officer within 45 days from the date of meeting of the Board of Directors, where such compliance has been confirmed' by Notification No. F. No. IRDAI/Reg/13/164/2019, dated 30.10.2019.].(5)Every undertaking shall be accompanied by: (1) A certified copy of resolution passed by the Board of Directors confirming the compliance of sub-regulation (2) above; (2) Where applicable, certified copy of the agreement / Joint venture Agreement where amendments to the agreement / joint venture agreement have been carried out to give effect to the provisions of the Act.
