Section 5(5) in Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015
5.2Without prejudice to the above, the Authority in particular, shall take into account the following, namely:-i. whether any of the Directors, Partners, Principal Officer or one or more of its officers or other employees so designated by it and in the case of any other person, the chief executive by whatever name called, or one or more of his employees designated by him of the Applicant is suffering from any of the disqualifications specified under sub-section (5) of section 42 D of the Insurance Act, 1938, as amended from time to time;ii. whether any person, directly or indirectly connected with the Applicant, has been refused in the past the grant of any license or registration by the Authority.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, 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 (18 of 2013,) as amended from time to time or The Competition Act, 2002, as the case may be.iii. whether the Applicant fulfills the capital adequacy requirements as specified in Regulation 6.iv. whether the Principal Officer, and ISP meet the criteria as laid down under Schedule I, Schedule II and Schedule III as applicable.v. Whether the Applicant has the necessary infrastructure like adequate office space earmarked for its Insurance Marketing Firm activities, equipment and trained manpower to effectively discharge its activities.vi. Whether the Applicant has in its name the word "Insurance Marketing Firm".vii. Whether the Applicant which is also engaged in activities other than insurance activities, has necessary approvals/ authorizations from respective authorities;viii. Whether the Authority is of the opinion that the grant of registration will be in the interest of policyholders and other clients.
