Section 2 in The Insurance Regulatory And Development Authority (Insurance Brokers) Regulations, 2002
2. Definitions .-(1) Unless the context otherwise requires,-
(a)"Act" means the Insurance Act, 1938 (4 of 1938);(b)"Advisory Committee" means the Advisory Committee constituted under section 25 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);(c)"Authority" means the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);(d)"composite broker" means an insurance broker who for the time-being licensed by the Authority to act as such, for a remuneration, arranges insurance for his clients with insurance companies and/or reinsurance for his client/s;(e)"direct broker" means an insurance broker who for the time-being licensed by the Authority to act as such, for a remuneration carries out the functions as specified under regulation 3 either in the field of life insurance or general insurance or both or behalf of his clients;(f)"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 37, to hold an enquiry against an insurance broker;(g)"form" means the forms specified under these regulations;(h)"inspecting authority" means one or more of its officers appointed by the Authority to discharge the functions stated in regulation 29;(i)"insurance broker" means a person for the time-being licensed by the Authority under regulation 11, who for a remuneration arranges insurance contracts with insurance companies and/or reinsurance companies on behalf of his clients.Explanation .-The term "insurance broker" wherever it appears in these regulations shall be deemed to mean a direct broker, a reinsurance broker or a composite broker, as the case may be, unless expressly stated to the contrary;(j)"person" means-(i)an individual; or(ii)a firm; or(iii)a company formed under the Companies Act, 1956 (1 of 1956); or(iv)a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912) or under any law for the registration of co-operative societies; or(v)any other person recognised by the Authority to act as an insurance broker;(k)"principal officer" means-(i)proprietor, in the case of a proprietary concern; or(ii)a partner, in the case of a partnership firm; or(iii)a director, who is responsible for the activities of the insurance broking in the case of a body corporate; or(iv)the chief executive officer appointed exclusively to carryout the functions of an insurance broker;(l)"regulations" means Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2002;(m)"reinsurance broker" means an insurance broker who, for a remuneration, arranges reinsurance for direct insurers with insurance and reinsurance companies.(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.
