Section 3 in The Insurance Regulatory And Development Authority (Licensing Of Insurance Agents) Regulations, 2000
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 an insurance agent or a composite insurance agent shall proceed as follows:-
(a)the applicant shall make an application to a designated person-(i)in Form IRDA-Agents-VA, if the applicant is an individual;(ii)in Form IRDA-Agents-VC, if the applicant is a firm or a company:Provided that the applicant, who desires to be a composite insurance agent, shall make two 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 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 the 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 policy-holders, grant or renew, as the case may be, a license in Form IRDA-Agents-VB, alongwith identity card in Form IRDA-Agents-VZ:Provided that in the case of a corporate agent, the identity card shall be on Form IRDA-Agent-VY:Provided further that such identity card from one life insurer and such identity card from one general insurer shall be provided to the applicant seeking license to act as a composite insurance agent:Provided further that in the case of a firm or a company, all of his partners or directors, as the case may be, shall fulfil the requirements of sub-clauses (i) to (iii):Provided further a license issued in accordance with this regulation shall entitle the applicant to act as insurance agent for one life insurer or one general insurer or both.(3)[ The designated person shall grant or renew the license within a period of 3 months from the date 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.]
