Section 2 in The Insurance Regulatory And Development Authority (Licensing Of Insurance Agents) Regulations, 2000
2. Definitions .-(1) In these regulations, unless the context otherwise requires,-
(a)"Act" means the Insurance Act, 1938 (4 of 1938);(b)"approved institution" means an institution engaged in education and/or training particularly in the area of insurance sales service and marketing approved and notified by the Authority;(c)"Authority" means the Insurance Regulatory and Development Authority established under the provisions of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);(d)"composite insurance agent" means an insurance agent who holds a license to act as an insurance agent for a life insurer and a general insurer;(e)"corporate agent" means a person other than an individual as specified in clause (i);(f)"designated person" means an officer normally in charge of marketing operations, as specified by an insurer and authorised by the Authority to issue or renew licenses under these regulations;(g)"examination body" means an Institution, which conducts pre-recruitment tests for insurance agents and which is duly recognised by the Authority;(h)"license" means a certificate of license to act as an insurance agent issued under these regulations;(i)"person" means-(i)an individual;(ii)a firm; or(iii)a company formed under the Companies Act, 1956 (1 of 1956), and includes a banking company as defined in clause (4-A) of section 2 of the Act;(j)"practical training" includes orientation, particularly in the area of insurance sales, service and marketing, through training modules as approved by the authority;(k)"proposal form" means an application for purchase of an insurance product which shall be the basis of insurance contract;(l)"prospect" means a potential purchaser of an insurance product;(m)"recognized Board or Institution" means such board or institution as may be recognised by any State Government or the Central Government.(2)All words and expressions used herein and not defined but defined in the Insurance Act, 1938 (4 of 1938), or in the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), shall have the meanings respectively assigned to them in those Acts.
