Section 27(27) in Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015
27.2The Insurance Marketing Firm shall set up necessary IT systems that shall be integrated to the IT Systems of Authority or of an institution recognized by the Authority with a capability of obtaining and monitoring.(a)Payment of minimum wages to the ISP by the Insurance Marketing Firm;(b)ISP being on the rolls of the Insurance Marketing Firm for a continuous period of at least three years unless he cease to be an ISP of Insurance Marketing Firm due to death or fraud or resigned from the services of Insurance Marketing Firm subject to his resignation being approved by a committee of 3 persons nominated by the Life Insurance Council or the General Insurance Council.(c)The Authority shall allocate the States to the Insurance Councils and a report of the committee shall be submitted by the Councils to the Authority on a quarterly basis.Explanation. - An institution/Bank recognized by the Authority will be one with whom the Authority has entered into an MOU based on defined criteria.
