Section 17 in Insurance Regulatory and Development Authority of India (Registration of Corporate Agents) Regulations, 2015
17. Payment of fees and the consequences of failure to pay fees.
(1)Every corporate agent shall at the time of application of registration and renewal thereof pay non-refundable application fee of Rs. 10,000/-, plus applicable taxes. The fees shall be payable by an Account Payee draft in favour of "The Insurance Regulatory and Development Authority of India" payable at Hyderabad or by recognised electronic funds transfer to Insurance Regulatory and Development Authority of India. No application shall be processed without the application fee.(2)Upon receipt of communication for grant of registration from the Authority, the applicant shall pay a fee of Rs.25,000/-, plus applicable taxes, within 15 days of receipt of such communication. On receipt of the fee and on satisfactory compliance of terms and conditions for grant of registration, the Authority shall grant the registration to act as a corporate agent under the category for which an application is made.(3)A corporate agent desirous of applying for renewal shall make an application for renewal in the prescribed format along with a fee of Rs.25,000/-, plus applicable taxes.
