Section 14 in Insurance Regulatory and Development Authority of India (Registration of Corporate Agents) Regulations, 2015
14. Conditions of grant of registration to Corporate Agent.
- The registration granted under regulation 9 or the renewal granted under regulation 11 shall, inter alia, be subject to the following conditions:-(i)The corporate agent registered under these regulations shall be permitted to solicit and service insurance business as specified in regulation (3) above only;(ii)The corporate agent shall comply with the provisions of the Act, Insurance Regulatory and Development Authority Act, 1999 and the Regulations, Circulars, Guidelines and any other instructions issued there under from time to time by the Authority;(iii)The corporate agent shall forthwith inform the Authority in writing, if any information or particulars previously submitted to the Authority by them are found to be false or misleading in respect of any material particular or if there is any material change in the information already submitted;(iv)The corporate agent shall take adequate steps for redressal of grievances of its clients within 14 days of receipt of such complaint and keep the Authority informed about the number, nature and other particulars of the complaints received from such clients in format and manner as may be specified by the Authority;(v)The corporate agent shall solicit and procure reasonable number of insurance policies commensurate with their resources and the number of specified persons they employ.(vi)The corporate agent shall maintain records in the format specified by the Authority which shall capture policy-wise and specified person-wise details wherein each policy solicited by the corporate agent is tagged to the specified person, except for those products which are simple, sold over the counter and specifically approved by the Authority. The corporate agent shall put in place systems which allow regular access to such records and details by the Authority.(vii)The corporate agent under no circumstance shall undertake multi-level marketing for solicitation of insurance products;(viii)The Corporate Agent shall ensure compliance of Code of Conduct applicable to its directors, principal officer and specified persons;(ix)The corporate agent shall maintain separate books of accounts for their corporate agency business as specified in regulation 31;
