Section 9 in Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015
9. Requirement of Professional indemnity insurance for Insurance Marketing Firm.
- 9.1. Every insurance marketing firm shall take out and maintain at all times a professional indemnity insurance cover throughout the validity of the period of the registration granted to it by the Authority.Provided that the Authority shall in suitable cases allow a newly registered insurance marketing firm to produce such a policy within twelve months from the date of issue of original registration and with minimum sum insured of Rs 10 lakhs.9.2The limit of indemnity shall be two times the total remuneration of the insurance marketing firm subject to a minimum of Rupees ten lakh. For the purpose of this sub regulation, the total remuneration includes remuneration from their insurance solicitation/procuring activities, insurance servicing activities and marketing of other financial products activities as specified in these regulations.9.3The scope of cover and other terms and conditions of the Professional Indemnity Policy is specified at Schedule X of these regulations.
