Section 10 in The Insurance Regulatory And Development Authority (Licensing Of Corporate Agents) Regulations, 2002
10. Renewal of license .-(1) Every license granted by the Authority to a corporate agent or any renewal thereof, in terms of these regulations, shall remain in force for three years.
(2)A license granted to a corporate agent may be renewed for a further period of three years on submission of the application form alongwith a renewal fee of rupees two hundred and fifty, at least thirty days prior to the date of expiry of the license.(3)The additional fees payable to the Authority, under the circumstances mentioned in sub-section (3) of section 42 of the Act, shall be rupees one hundred.(4)The Authority may, if it is satisfied that undue hardship would be caused otherwise, accept any application after the license ceased to remain in force, on the payment by the applicant of a payment of rupees seven hundred and fifty as additional fee.(5)Every certificate granted to the specified person shall remain in force for a period of three years which can be renewed for a further period of three years on submission of an application form accompanied by fees of rupees one hundred, provided that the license of the corporate agent continues to be valid. The application form alongwith the fees shall be submitted at least thirty days prior to the date of expiry.(6)The specified person on his ceasing to be an employee of the corporate agent shall surrender his certificate to the designated person. If he desires to become an individual insurance agent then he shall follow the procedure as laid down in Insurance Regulatory and Development Authority's (Licensing of Insurance Agents) Regulations, 2000. Such a person need not go through a further process of training and pass at the examination within the period of license granted to them.(7)A specified person will also be governed by the provisions of sub-regulations (3) and (4) stated above.(8)Every corporate insurance executive or the specified person of the corporate agent, shall have completed at least twenty-five hours' practical training in life or general insurance business, as the case may be, from an approved institution, for the purposes of renewal of license to the corporate agent and/or renewal of certificate to the specified person:Provided that such applicant before seeking renewal of license or certificate to act as a composite insurance agent shall have completed from an approved institution, at least, fifty hours' practical training in life and general insurance business.
