Section 2 in Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015
2. Definitions.
- 2.1 "Act" means the Insurance Act, 1938 (4 of 1938), as amended from time to time.2.2"Applicant" meansa. A company formed under the Companies Act, 2013 (18 of 2013) or any enactment thereof or under any previous company law which was in force; orb. A limited liability partnership formed and registered under the Limited Liability Partnership Act, 2008; orc. Co-operative Societies registered under Co-operative Societies Act, 1912 or under any law for registration of Co-operative Societies; ord. Any other person as may be recognized by the Authority to act as an Insurance Marketing Firm.2.3"Approved Institution" means an institution engaged in education and/or training particularly in the area of insurance sales, service and marketing, approved and notified by the Authority from time to time.2.4"Authority" means the Insurance Regulatory and Development Authority of India established under the provisions of Section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).2.5"Examination Body" for the purpose of these Regulations is the examination body approved by the Authority for conducting certification exams.2.6"Financial Service Executive" (FSE) is an individual employed by Insurance Marketing Firm and holding a valid licence issued by respective financial regulators, other than the Authority, to market products specified in regulation 3(c) of these regulations.2.7"Fit and Proper" is the criteria for determining the suitability for licensing an Applicant including his principal officer, directors or partners to act as Insurance Marketing Firm.2.8"Insurance Marketing Firm" is an entity registered by the Authority to solicit or procure insurance products as specified in regulation 3(a) of these regulations, to undertake insurance service activities as specified in regulation 3(b) of these regulations and to distribute other financial products as specified in regulation 3(c) of these regulations by employing individuals licensed to market, distribute and service such other financial products.2.9"Insurance Sales Person" (ISP) is an individual employed by Insurance Marketing Firm to solicit or procure insurance products and who holds a valid certificate issued by the Authority for the purposes of the same.2.10"Insurance Servicing Activity" means the activities specified in regulation 3(b) of these regulations.2.11"Principal Officer" of Insurance Marketing Firm means a director or a partner or any officer or employee so designated by it, and approved by the Authority, to exclusively supervise the activities of Insurance Marketing Firm and who possesses the requisite qualifications and practical training and who has passed examination as required under these Regulations.2.12"Regulations" means Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015.2.13Words and expressions used and not defined in these Regulations but defined in the Act, as amended from time to time, the Insurance Regulatory and Development Authority Act, 1999 or in any of the Regulations/Guidelines made there under shall have the meanings respectively assigned to them in those Acts/Regulations/Guidelines.
