Section 2 in The Insurance Regulatory And Development Authority (Licensing Of Corporate Agents) Regulations, 2002
2. Definitions .-(1) In these regulations, unless the context otherwise requires,-
(a)"Act" means the Insurance Act, 1938 (4 of 1938);(b)"approved Institution" means an Institution engaged in education and/or training particularly in the area of insurance sales, service and marketing, approved by the Authority;(c)"Authority" means the Insurance Regulatory and Development Authority established under the provisions of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);(d)"certification" means the process by which a specified person of the corporate agent, who has successfully undergone practical training and passed the required examination, is issued a certificate entitling him to solicit and procure insurance business on behalf of the corporate agent;(e)"composite corporate agent" means a corporate agent who holds a license to act as an insurance agent for a life insurer and a general insurer;(f)"corporate agent" means any person specified in clause (k) and licensed to act as such;(g)"corporate insurance executive" in the case of company or firm means, a director or a partner or one or more of its officers or 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, who possesses the requisite qualifications and practical training and who have passed such an examination as required under clauses (e) and (f) of section 42 of the Act;(h)"designated person" means an officer normally in charge of marketing operations, as specified by an insurer, and authorised by the Authority to issue or renew licenses under these regulations;(i)"examination body" means an Institution, which conducts pre-recruitment tests for insurance agents and which is duly recognised by the Authority;(j)"license" means a certificate of license to act as an insurance agent issued under these regulations;(k)"person" means-(i)a firm; or(ii)a company formed under the Companies Act, 1956 (1 of 1956); or(iii)a banking company is defined in clause (4-A) of section 2 of the Act; or(iv)a corresponding new bank as defined under clause (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949); or(v)a regional rural bank established under section 3 of the Regional Rural Banks Act, 1976 (21 of 1976); or(vi)a co-operative society including a co-operative bank, registered under the Co-operative Societies Act, 1912 (2 of 1912) or under any law for the registration of co-operative societies; or(vii)a panchayat or a local authority; or(viii)a Non-Governmental organisation or a micro lending finance organisation covered under the Co-operative Societies Act, 1912 (2 of 1912) or a Non-Banking Financial Company registered with the Reserve Bank of India; or(ix)any other institution or organisation which on an application to the Authority is specifically approved by the Authority;(l)"practical training" includes orientation, particularly in the area of insurance sales, service and marketing, through training modules as approved by the Authority;(m)"recognised Board or Institution" means such board or institution as may be recognised by any State Government or the Central Government;(n)"specified person" means a director or a partner or one or more of its officers or other employees so designated by the corporate agent and, in the case of any other person, the chief executive, by whatever name called, or one or more of the employees designated by him, who has undergone the practical training, examination, certification and who is responsible for soliciting and procuring insurance business on behalf of the corporate agent.(2)All words and expressions used herein and not defined but defined in the Act, or in the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or in any of the regulations made by the Authority shall have the meanings respectively assigned to them in those Acts or regulations.
