Section 7(2) in Insurance Regulatory and Development Authority of India (Registration of Corporate Agents) Regulations, 2015
(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 42D of the Act;(b)whether the applicant has the necessary infrastructure, such as, adequate office space, equipment and trained manpower on their rolls to effectively discharge its activities;(c)whether any person, directly or indirectly connected with the applicant, has been refused in the past the grant of licence/registration by the Authority.a. Explanation. - For the purposes of this sub-clause, the expression, "directly or indirectly connected" means 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 ascribed to them in the Companies Act, 2013 or The Competition Act, 2002, as the case may be.(d)Whether the principal officer of the applicant is a graduate and has received at least fifty hours of theoretical and practical training from an approved institution according to a syllabus approved by the Authority, and has passed an examination, at the end of .the period of training mentioned above, conducted by the examination body.Provided that where the principal officer of the applicant is an Associate/ Fellow of the Insurance Institute of India, Mumbai; or Associate/ Fellow of the CII, London; or Associate/ Fellow of the Institute of Actuaries of India; or holds any post graduate qualification of the Institute of Insurance and Risk Management, Hyderabad, the theoretical and practical training shall be twenty five hours.(e)whether the principal officer, directors and other employees of the applicant have not violated the code of conduct as specified in Schedule III to these regulations during the last three years;(f)Whether the applicant, in case the principal business of the applicant is other than insurance, maintain an arms-length relationship in financial matters between its activities as Corporate Agent and-other activities.(g)Whether the Principal Officer/Director(s)/Partner(s)/Specified Persons is/are Fit and Proper based on the statement in Annexure 1 of these regulations; and(h)the Authority is of the opinion that the grant of registration will be in the interest of policyholders.
