26 February, 2016
The Insurance Regulatory Development Authority of India (IRDAI) has clarified certain provisions of the IRDAI (Registration of Corporation Agents) Regulations, 2015. In terms of regulation 7(2)(g) of the Regulations, the IRDAI has to check whether the principal officer/director(s)/partner(s)/specified persons is/are “fit and proper” based (separately for each person) based on the criteria specified in Annexure I of the Regulations. Among other clarifications, it has been clarified that independent and nominee directors are exempted from the “fit and proper” criteria while considering an application for grant of registration as a corporate agent.
It has also been clarified that listed companies, banks and non-banking financial companies are exempted from submitting details of infrastructure along with supporting evidence thereof (for example, title deeds/lease agreement with regard to office space, equipment, etc.) to the IRDAI. However, all such documents have to be preserved at the head/registered offices of such entities, and should be made available during inspection by the IRDAI.
For further information, please contact:
Seema Jhingan, Partner, Lex Counsel Law Offices
sjhingan@lexcounsel.in
