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No guidelines have been issued by the Insurance Regulatory and Development Authority (IRDA) for up-gradation of direct broking licence to composite broking licence. However, Regulation 13(5) of the IRDA (Insurance Brokers) Regulations 2002 prescribes that any broker who has been licensed under a specified category may apply for change of category, subject to a condition that one year should have lapsed from the grant of licence in the first instance.
As per Insurance Regulatory and Development Authority (IRDA), there are only five applications under process with them as on 29-11-2013 for up-gradation of licences.
The status of these applications are as under:-
Sl. No. | Name of the applicant/broker | Status |
1 | Salasar Insurance Brokers | As per regulation 8(2) of Insurance Regulatory and Development Authority (Insurance Brokers) Regulations 2002, a personal representation is to be made by the applicant company to the Authority. Accordingly, a presentation including the background of the company, details of promoters/shareholders, infrastructure, business projections, reinsurance expertise etc., has been made by the company to the Authority on 25.09.2013. |
2. | Beacon Insurance Brokers | As mentioned above, a presentation on the details of the company has been made on 18.10.2013 |
3. | Trinity Insurance Brokers | The Broker has applied for upgradation and change in shareholding pattern. The financial analysis is being done. The broker will be called for presentation during December, 2013. |
4. | Prudent Insurance Brokers | The Broker’s licence is due for renewal during February 2014. The financial analysis is being done. |
5. | ICM Insurance Brokers | The papers are under scrutiny |
Insurance Regulatory and Development Authority (IRDA) has informed that there is no fixed time limit prescribed for disposing the applications.
This was stated by Shri Namo Narain Meena, Minister of State in the Ministry of Finance in a written reply to a question in the Lok Sabha here today.
Change of broker category: applications allowed after minimum licence period; regulator imposes no fixed timeline for disposal. Change of broking licence category may be sought only after the initial licence tenure has lapsed; no separate guidelines for up gradation have been issued. Applicants must make a personal representation addressing corporate background, promoters/shareholders, infrastructure, business projections and reinsurance expertise. Financial analysis and scrutiny of papers, including any change in shareholding, form part of the assessment, and the regulator prescribes no fixed time limit for disposing of upgradation applications. of Press 'Enter' after typing page number.
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