Section 7 in Insurance Regulatory and Development Authority of India (Registration of Corporate Agents) Regulations, 2015
7. Consideration of application.
(1)The Authority while considering an application for grant of registration shall take into account, all matters relevant for carrying out the activities of a corporate agent.(2)Without prejudice to the above, the Authority in particular, shall take into account the following, namely: -(a)whether the applicant is not suffering from any of the disqualifications specified under sub-section (5) of section 42D of the Act;(b)whether the applicant has the necessary infrastructure, such as, adequate office space, equipment and trained manpower on their rolls to effectively discharge its activities;(c)whether any person, directly or indirectly connected with the applicant, has been refused in the past the grant of licence/registration by the Authority.a. Explanation. - For the purposes of this sub-clause, the expression, "directly or indirectly connected" means in the case of a firm or a company or a body corporate, an associate, a subsidiary, an interconnected undertaking or a group company of the applicant. It is hereby clarified that these terms shall have the same meanings as ascribed to them in the Companies Act, 2013 or The Competition Act, 2002, as the case may be.(d)Whether the principal officer of the applicant is a graduate and has received at least fifty hours of theoretical and practical training from an approved institution according to a syllabus approved by the Authority, and has passed an examination, at the end of .the period of training mentioned above, conducted by the examination body.Provided that where the principal officer of the applicant is an Associate/ Fellow of the Insurance Institute of India, Mumbai; or Associate/ Fellow of the CII, London; or Associate/ Fellow of the Institute of Actuaries of India; or holds any post graduate qualification of the Institute of Insurance and Risk Management, Hyderabad, the theoretical and practical training shall be twenty five hours.(e)whether the principal officer, directors and other employees of the applicant have not violated the code of conduct as specified in Schedule III to these regulations during the last three years;(f)Whether the applicant, in case the principal business of the applicant is other than insurance, maintain an arms-length relationship in financial matters between its activities as Corporate Agent and-other activities.(g)Whether the Principal Officer/Director(s)/Partner(s)/Specified Persons is/are Fit and Proper based on the statement in Annexure 1 of these regulations; and(h)the Authority is of the opinion that the grant of registration will be in the interest of policyholders.(3)The specified persons of the applicant shall fulfil the following requirements -a. Having passed minimum of 12th Class or equivalent examination from a recognized Board/Institution;b. (i) The specified person shall have undergone at least fifty hours of training, for the specified category of life, general, health for which registration is sought for, from an approved institution and shall have passed the examination conducted by the examination body;(ii)The specified person of corporate agent (composite) shall have undergone at least seventy five hours of training from an approved institution, and shall have pass the examination conducted by the examination body;c. the specified persons engaged by the corporate agent to solicit and procure insurance business shall have valid certificate issued by the Authority, as specified in these Regulations. The certificate shall be valid for a period of three years from the date of issue subject to the valid registration of the corporate agent;The specified person shall apply through the principal officer of the corporate agent to the Authority in the format specified in Annexure 3 of these regulations for issuance of certificate.d. A specified person of a corporate agent wishes to switch over to any other corporate agent, shall do so by applying to the Authority through the new corporate agent along with a no objection certificate issued by the present corporate agent. In case, the present corporate agent does not issue a no objection certificate within 30 days, it shall be deemed that the said corporate agent has no objection to his switching over. The Authority after receipt of request from the corporate agent, issue a revised certificate changing the name of the corporate agent indicating the switching over.e. Specified Persons and/or Chief Insurance Executives who are qualified and already working with a corporate agent licensed under Insurance Regulatory and Development Authority (Licensing of Corporate Agents) Regulations, 2002, may continue to work with corporate agents registered under these regulations. However, the details of such Specified Persons and/or Chief Insurance Executives shall be provided to the Authority in the manner specified at the time of making an application for granting registration or within six months from the date of their registration. The Authority after receipt of the details issue to such Specified Persons and/or Chief Insurance Executives a certificate as specified in sub-regulation (c) above.
