Section 3 in Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015
3. Scope and applicability of these Regulations.
- These regulations shall covera. Registration of Insurance Marketing Firm by engaging ISP for the purpose of soliciting and procuring Insurance Products of two Life, two General and two Health Insurance companies at any point of time, under intimation to the Authority.Provided that in respect of general insurance, the Insurance Marketing Firm shall be allowed to solicit or procure only retail lines of insurance products as given in the file use guidelines namely motor, health, personal accident, householders, shopkeepers and such other insurance products approved by the Authority from time to time.Provided further that any change in the engagement with the insurance companies shall be done only with the prior approval of the Authority and with suitable arrangements for servicing existing policyholders.b. Insurance Servicing Activities of the Insurance Marketing Firm by:i. undertaking back office activities of insurers as allowed in the Guidelines on Outsourcing Activities by Insurance Companies issued by the Authority;ii. becoming approved person of Insurance Repositories;iii. undertaking survey and loss assessment work by employing on their rolls licensed surveyor loss assessors;iv. any other insurance related activity permitted by the Authority from time to time.Explanation. - For the purpose of these Regulations, the Insurance Marketing Firm shall undertake the insurance servicing activities in respect of only those insurance companies with whom they have an agreement for soliciting or procuring insurance products;c. Marketing of other financial products through the FSE engaged by the Insurance Marketing Firm namely:i. mutual funds of mutual fund companies regulated by SEBI;ii. pension products regulated by PFRDA;iii. other financial products distributed by SEBI licensed Investment Advisors;iv. banking/ financial products of banks/ NBFC regulated by RBI;v. non-insurance products offered by Department of Posts, Government of India;vi. any other financial product or activity permitted by the Authority from time to time.
