Section 3(2) in The Insurance Regulatory And Development Authority (Licensing Of Insurance Agents) Regulations, 2000
(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.
