Section 2 in Insurance Regulatory and Development Authority of India (Registration of Corporate Agents) Regulations, 2015
2. Definitions.
(a)"Act" means the Insurance Act, 1938 (4 of 1938), as amended from time to time.(b)"Applicant" means -(i)A company formed under the Companies Act, 2013 (18 of 2013) or any enactment thereof or under any previous company law which was in force; or(ii)A limited liability partnership formed and registered under the Limited Liability Partnership Act, 2008; or(iii)A Co-operative Society registered under Co-operative Societies Act, 1912 or under any law for registration of co-operative societies; or(iv)a banking company as defined in clause (4A) of section 2 of the Act; or(v)a corresponding new bank as defined under clause (da) of sub-section (I) of section 5 of the Banking Companies Act, 1949 (10 of 1949); or(vi)a regional rural bank established under section 3 of the Regional Rural Banks Act, 1976 (21 of 1976); or(vii)a Non-Governmental organisation or a micro lending finance organization covered under the Co-operative Societies Act, 1912 or a Non-Banking Financial Company registered with the Reserve Bank of India; or(viii)Any other person as may be recognized by the Authority to act as a corporate agent.(c)"Approved Institution" means any institution engaged in education and/or training particularly in the area of insurance sales, service and marketing, approved and notified by the Authority from time to time, and includes Insurance Institute of India, Mumbai.(d)"Authorized Verifier" means a person employed by a Telemarketer for the purpose of solicitation or sale over telephonic mode and shall fulfil the requirements as specified under regulation 7(3) of these regulations for a specified person;(e)"Authority" means the Insurance Regulatory and Development Authority of India established under the provisions of Section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).(f)"Corporate Agent" means any applicant specified in clause (b) above holds a valid certificate of registration issued by the Authority under these regulations for solicitation and servicing of insurance business for any of the specified category of life, general and health.(g)"Corporate Agent (Life)" means a corporate agent who holds a valid certificate of registration to act as such, issued by the Authority under these regulations, for solicitation and servicing of insurance business for life insurers as specified in these regulations;(h)"Corporate Agent (General)" means a corporate agent who holds a valid certificate of registration to act as such, issued by the Authority under these regulations, for solicitation and servicing of insurance business for general insurers as specified in these regulations;(i)"Corporate Agent (Health)" means a corporate agent who holds a valid certificate of registration to act as such, issued by the Authority under these regulations, for solicitation and servicing of insurance business for health insurers as specified in these regulations;(j)"Corporate Agent (Composite)" means a corporate agent who holds a valid certificate of registration to act as such, issued by the Authority under these regulations, for solicitation and procurement of insurance business for life insurers, general insurers and health insurers or combination of any two or all three as specified in(k)"Examination Body" for the purpose of these Regulations is Insurance Institute of India, Mumbai or any other body approved and notified by the Authority for conducting certification examination for principal officer and specified persons of the corporate agents.(l)"Fit and Proper" is the criteria for determining the suitability for registering an Applicant including his principal officer, directors or partners or any other employees to act as Corporate Agent.(m)"Principal Officer" of a Corporate Agent means a director or a partner or any officer or employee so designated by it, and approved by the Authority, exclusively appointed to supervise the activities of Corporate Agent and who possesses the requisite qualifications and practical training and has passed examination as required under these Regulations.(n)"Registration" means a certificate of registration to act as a corporate agent issued under these regulations.(o)"Regulations" means Insurance Regulatory and Development Authority of India (Registration of Corporate Agent) Regulations, 2015.(p)"Specified Person" means an employee of a Corporate Agent who is responsible for soliciting and procuring insurance business on behalf of a corporate agent and shall have fulfilled the requirements of qualification, training and passing of examination as specified in these regulations;(q)"Telemarketer" means an entity registered with Telecom Regulatory Authority of India under Chapter III of the Telecom Commercial Communications Customer Preference Regulations, 2010 to conduct the business of sending commercial communications and holding a certificate issued by the Authority;(r)Words and expressions used and not defined in these Regulations but defined in the Act, as amended from time to time, the Insurance Regulatory and Development Authority Act, 1999 or in any of the Regulations / Guidelines made there under shall have the meanings respectively assigned to them in those Acts/ Regulations / Guidelines.
