Section 3 in The Insurance Regulatory And Development Authority (Licensing Of Corporate Agents) Regulations, 2002
3. Issue or renewal of license .-(1) A person desiring to obtain or renew a license (hereinafter referred to as "the applicant") to act as a corporate agent or a composite corporate agent shall proceed as follows:-
(a)the applicant shall make an application to a designated person Form IRDA-Corporate Agents-A-1:Provided that the applicant, who desires to be a composite corporate agent, shall make two such separate applications;(b)the fees payable by the applicant to the Authority shall be as specified in regulation 7.(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.(3)The designated person shall, grant or renew the license within a period of 3 months from the dates of application.(4)The designated person shall if the consideration of the application is likely to get delayed, within 60 days of the receipt of the application inform the applicant the reasons for such a delay, and the likely time it would take to do so.(5)If the designated person refuses to grant or renew a license under this regulation, he shall give the reasons thereof to the applicant.(6)An individual desiring to become a specified person of a corporate agent/composite corporate agent shall apply through the corporate agent/composite corporate agent in Form IRDA-Corporate Agent-A-2 to the insurer.(7)The designated person of the insurer may, on receipt of such an application alongwith the evidence of payment of fees to the Authority, grant or renew, as the case may be, a certificate in Form IRDA-Corporate Agents-L-2.(8)The fees payable by the applicant to the Authority shall be as specified in regulation 7.
