Section 13 in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
13. Conditions of grant of registration to Insurance Broker.
- The registration granted under these regulations or the renewal of registration granted under these regulations shall, inter alia, be subject to the following conditions: -(1)The Insurance Broker registered under these regulations shall act exclusively to carry on the business of an insurance broker as permitted under these regulations;(2)The Insurance Broker shall comply with the provisions of the Act, Insurance Regulatory and Development Authority Act, 1999 and the Regulations, Circulars, Guidelines and any other instructions issued there under from time to time by the Authority;(3)The Insurance Broker shall forthwith inform the Authority in writing, if any information or particulars previously submitted to the Authority by them are found to be false or misleading in respect of any material particular or if there is any material change in the information already submitted;(4)The Insurance Broker shall take adequate steps for redressal of grievances of its clients within 14 days of receipt of such complaint and keep the Authority informed about the number, nature and other particulars of the complaints received from such clients in format and manner as may be specified by the Authority;(5)The Insurance Broker shall solicit and procure reasonable number of insurance policies commensurate with their resources and the number of Broker Qualified Persons they employ.(6)The Insurance Broker shall maintain records in the format specified by the Authority which shall capture policy-wise details wherein each policy solicited by the Insurance Broker is tagged to the broker qualified person or other authorised persons, wherever applicable.(7)The Insurance Broker under no circumstance undertake multi-level marketing for solicitation and procuring insurance products;(8)The Insurance Broker shall ensure compliance of Code of Conduct applicable to it;(9)The Insurance Broker shall maintain books of accounts as specified in these regulations.Part - B Renewal of Certificate of Registration
