Section 39 in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
39. Filing of Returns.
(1)Every insurance broker shall before 31st October and 30th April each year furnish to the Authority the following certificates duly certified by the auditor.(a)A certificate to the effect that the insurance broker is maintaining required capital, the insurance broker is not engaged in any other business other than insurance broking and also maintains required net worth as required under regulations 19 and 22, as per Annexure I-A of these regulations;(b)A certificate to the effect that the insurance broker is maintaining a deposit in compliance of regulation 23, as per Annexure I-B of these regulations;(c)A certificate to the effect that a Professional Indemnity Policy is in force in compliance of regulation 24, as per Annexure I-C of these regulations;(d)A certificate confirming that the insurance broker has received the remuneration as per the limits prescribed in the regulation 26, as per Annexure I-D of these regulations;(e)A certificate in case of a reinsurance broker or a composite broker to the effect that the insurance broker is complying with provisions of regulation 33 and is maintaining a separate Insurance Bank Account and the monies lying in the said account are not used for any purposes other than as specified in the regulations, as per Annexure I-E of these regulations.(f)A certificate in case of a reinsurance broker or a composite broker on the amount of remuneration or fees earned during the period and any transfers made to any other account as per Annexure I-F of these regulations.(2)the insurance brokers shall file periodical returns, without fail within the time specified, as per the formats/ returns prescribed under Authority's Business Analytical Project. Any failure to comply with this regulation without sufficient reason beyond 15 days shall attract penal action as specified under these regulations;(3)any false or wrong certification or concealment of facts in the certificates submitted to Authority shall attract penal action as specified under these regulations.
