Insurance intermediary registration conditions require regulatory compliance, recordkeeping, client grievance redressal, and prohibit multi-level marketing for insurance business. Registration and renewal for an IIIO require exclusive conduct of the registered insurance-intermediary business, compliance with applicable insurance, ... Summary
Insurance intermediary registration conditions require regulatory compliance, recordkeeping, client grievance redressal, and prohibit multi-level marketing for insurance business.
Registration and renewal for an IIIO require exclusive conduct of the registered insurance-intermediary business, compliance with applicable insurance, financial-services, KYC and AML requirements, and prompt written disclosure of false, misleading or materially changed information. The IIIO must maintain client-grievance redressal, procure policies commensurate with its resources and personnel, and keep prescribed policy-level records and books of account. Multi-level marketing for insurance solicitation or procurement is prohibited, and compliance with the prescribed code of conduct is required.
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