Section 14 in Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015
14. Procedure for the Renewal of Registration of Insurance Marketing Firm.
- 14.1 The Insurance Marketing Firm shall submit the application for renewal of registration to the Authority in Form AA at least thirty days before the expiry of the registration. However, the Insurance Marketing Firm is permitted to apply for renewal ninety days before the expiry of the registration.14.2The documents to be submitted by the Applicant along with the renewal application form are mentioned in the renewal Application Form AA.14.3The applications for renewal of registration shall be submitted along with a renewal fee of Rs. Two thousand only plus service tax. The applicants shall have to pay an additional fee of Rs. One hundred by way of penalty, if the application for renewal of the registration does not reach the Authority at least thirty days before the date on which the registration ceases to remain in force.Provided that the Authority may, for sufficient reasons specified in writing by the Applicant for a delay, accept an application for renewal after the date of the expiry of the registration up to a period of 60 days of the actual date of expiry of registration on payment of penalty of seven hundred and fifty rupees only by the Applicant.Provided further that the application for renewal received after 60 days of the expiry of the registration will be considered only after a lapse of 12 months from the date of expiry of registration. However, during the interregnum, the registration of the Insurance Marketing Firm shall cease to exist and they shall not solicit any new insurance business except servicing the existing policies till the expiry of such contracts.14.4The Principal Officer and ISPs of the Insurance Marketing Firm before seeking a renewal of registration shall have completed at least twenty five hours of theoretical and practical training, imparted by an institution recognized by the Authority.14.5The application for renewal, under sub-regulation14.1 of these regulations shall be dealt with in the same manner as specified under regulation 5.14.6The Authority may seek further information/clarification/data on the application submitted by the Insurance Marketing Firm while processing the application and the Insurance Marketing Firm shall submit such information within 21 days of receipt of the communication from the Authority.Provided if the applicant seeks additional time, for the reasons specified, for submission of information sought by the Authority, the request shall be considered by the Authority on merit.14.7The Authority, on being satisfied that the Applicant fulfills all the conditions specified for renewal of the registration, shall renew the registration in Form D for a period of three years and send intimation to that effect to the Applicant.
