Section 2 in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
2. Definitions.
(1)Unless the context otherwise requires, -a. "Act" means the Insurance Act, 1938 (4 of 1938);b. "Applicant" means a person for registration as insurance broker as referred to in these regulations;c. "Authority" means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);d. "Broker Qualified Person" means an individual who is an employee or director of the insurance broker engaged in solicitation and procurement of insurance business and who has undergone training and passed the examination specified for them;e. "Composite Broker" means an Insurance Broker, registered by the Authority who for a remuneration and/or a fee, solicits and arranges insurance and/or re-insurance for its clients with insurers and/or reinsurers located in India and/or abroad; and/or provides claims consultancy, Risk Management services or other similar services, permitted under these regulations.f. "Direct Broker" means an Insurance Broker, registered by the Authority, who for a remuneration and/or a Fee, solicits and arranges insurance business for its clients with insurers located in India and/or provides claims consultancy, Risk Management services or other similar services, permitted under these regulations.g. "Enquiry officer" means an officer of the Authority, or any other person having experience in insurance business, who is appointed by the Authority under regulation 52, to hold an enquiry against an insurance broker;h. "Fee" means payment received by the insurance broker from the client for undertaking any of the services provided to the client, as permitted under these regulations, including claims consultancy, risk management service or other similar services which is not a percentage of premium or claim amount.i. "Form" means the forms specified under these regulations;j. "Inspecting authority" means one or more of its officers appointed by the Authority to discharge the functions stated in regulation 42;k. "Insurance Broker" means a person who is a direct broker, a reinsurance broker or a composite broker for the time being registered by the Authority, as the case may be, unless expressly stated to the contrary;l. "Key Management Person" includes Chief Executive Officer, Chief Marketing Officer, Chief Finance Officer, Chief Technical Officer/ Head-IT, Head-Reinsurance and Compliance Officer.m. "Person" means?(i)A company formed under the Companies Act, 2013 (18 of 2013); or(ii)A co-operative society registered under the Co-operative Societies Act, 1912 or under any law for the registration of co-operative societies; or(iii)A limited liability partnership formed under the Limited Liability Partnership Act, 2008(6 of 2009) with no partner being a non-resident entity/ person resident outside India as defined in clause(w) of section 2 of the Foreign Exchange Management Act, 1999(42 of 1999) (FEMA), and not being a foreign limited liability partnership registered thereunder; or(iv)Any other person as may be recognized by the Authority to act as an insurance broker;n. "Principal Officer" means - an officer in an executive role designated as such for the purpose of performing the duties and responsibilities as specified in these regulations to carry out the functions of an insurance broker and who shall be the chief executive officer or a whole-time director or managing director, managing partner or a managing trustee or such individual appointed / engaged exclusively to carry out the functions of an insurance broker;o. "Regulations" means Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018 as amended from time to time;p. "Reinsurance Broker" means an Insurance Broker, registered by the Authority who for a remuneration and/or a Fee, solicits and arranges re-insurance for its clients with insurers and/or reinsurers located in India and/or abroad; and/or provides claims consultancy, Risk Management services or other similar services, permitted under these regulations.q. "Risk Management" means providing any sort of insurance risk management services by an insurance broker to its clients such as risk assessment, risk advisory, risk mitigation or risk minimization for the benefit of its client;r. "Scheme of amalgamation" or "merger and acquisition" means the scheme formulated as per Sections 230 - 240 of the Companies Act, 2013;s. "Scheme of transfer of business" means the scheme for transfer of whole or part of business / assets of the insurance broker;t. "Solicitation" - for the purpose of these regulations is defined as the approach of an insurer or an intermediary to the client with a view to convince the client to purchase an insurance or reinsurance policy;u. "Transferor" means the registered Insurance Broker that transfers the business to another registered Insurance intermediary.(2)Words and expressions used and not defined in these regulations but defined in the Insurance Act, 1938 (4 of 1938), or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalization) Act, 1972 (57 of 1972), or Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) shall have the meanings respectively assigned to them in those Acts or the rules and regulations made thereunder, as the case may be.Chapter - II Registration and Renewal of Certificate of Registration
