Section 9(2) in The Insurance Regulatory And Development Authority (Insurance Brokers) Regulations, 2002
(2)Without prejudice to the above, the Authority in particular, shall take into account the following, namely:-(A)whether the applicant is not suffering from any of the disqualifications specified under sub-section (5) of section 42-D of the Act;(B)whether the applicant has the necessary infrastructure, such as, adequate office space, equipment and trained manpower to effectively discharge his activities;(C)whether the applicant has in his employment a minimum of two persons who have the necessary qualifications specified in clause (F) below and experience to conduct the business of insurance broker;(D)whether any person, directly or indirectly connected with the applicant, has been refused in the past the grant of a license by the Authority.Explanation .-For the purposes of this sub-clause, the expression "directly or indirectly connected" means a relative in the case of an individual, and in the case of a firm or a company or a body corporate, an associate, a subsidiary, an interconnected undertaking or a group company of the applicant. It is hereby clarified that these terms shall have the same meanings as described to them in the Companies Act, 1956 (1 of 1956) or MRTP Act, 1969 (54 of 1969), as the case may be;(E)whether the applicant fulfils the capital requirements as specified in regulation 10 and deposit requirements as specified in regulation 22;(F)whether the principal officer of the applicant-(i)possesses the minimum qualification of:(a)Bachelors/Masters degree in Arts, Science, or Social Science or Commerce or its equivalent from any institution/university recognised by any State Government or the Central Government; or(b)Bachelor's degree in engineering or its equivalent from any institution/university recognised by any State Government or the Central Government; or(c)Bachelor's degree in Law or its equivalent from any institution/university recognised by any State Government or the Central Government; or(d)Masters in Business Administration or its equivalent from any institution/university recognised by any State Government or the Central Government; or(e)Associate/Fellow of the Insurance Institute of India, Mumbai; or(f)Associate/Fellow of the Institute of Risk Management, Mumbai; or(g)any post graduate qualification of the Institute of Insurance and Risk Management, Hyderabad; or(h)Associate/Fellow of the Institute of Chartered Accountants of India, New Delhi; or(i)Associate/Fellow of the Institute of Cost and Works Accountants of India, New Delhi; or(j)Associate/Fellow of the Institute of Company Secretaries of India, New Delhi; or(k)Associate/Fellow of the Actuarial Society of India; or(l)Certified Associateship of the Indian Institute of Bankers, Mumbai; or(m)any other qualification specified from time to time by the Authority under these regulations; and(ii)the principal officer of the applicant has received at least one hundred hours of theoretical and practical training from an institution recognised by the Authority from time to time:Provided that where the principal officer of the applicant:(a)has been carrying on reinsurance related activity or insurance consultancy for a continuous period of seven years, preceding the year in which such an application is made; or(b)has for a period of, not less than seven years prior to the application made to the Authority has been a principal underwriter or has held the position of a Manager in any one of the nationalized insurance companies in India; or(c)is an Associate/Fellow of the Insurance Institute of India, Mumbai; or Associate/Fellow of the Institute of Risk Management, Mumbai; or Associate/Fellow of the Actuarial Society of India; or any post graduate qualification of the Institute of Insurance and Risk Management, Hyderabad, the theoretical and practical training from an institution recognised by the authority from time to time according to a syllabus approved by the authority shall be fifty hours;(iii)has passed an examination, at the end of the period of training mentioned in the proviso above, conducted by the National Insurance Academy, Pune or any other examining body recognised by the Authority;(G)whether the principal officer has not violated the code of conduct as specified in Schedule III to these regulations;(H)that the applicant is not engaged in any other business other than the main objects of the applicant; and(I)the Authority is of the opinion that the grant of license will be in the interest of policy-holders.Exception .-In the case of applications made to the Authority immediately following the notification of these regulations, the requirements under sub-regulation (2)(C) shall stand modified to the extent that instead of two qualified persons mentioned in the requirement be scaled down to one person, who should have qualified himself at the latest by the time of the grant of a license under these regulations. This exception may be available only to applications made to the authority upto 31st March, 2003.
