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Insurance Broker Compliance Calendar

Written By Admin on Monday, 23 March 2015 | Monday, March 23, 2015




PAYMENT OF APPLICATION FEE AT THE TIME OF APPLICATION OF LICENCE - REGULATION NO.14 & SCHEDULE IV (1).
PAYABLE AT THE TIME OF APPLICATION FOR LICENCE UNDER REGULATION NO.5
ANNUAL LICENCE FEE IS PAYABLE ANNUALLY - REGULATION NO.14 (1) & SCHEDULE IV(2)
-LICENCE RENEWAL FEE
PAYABLE BEFORE 30TH SEPTEMBER EVERY YEAR.
PAYABLE ALONG WITH APPLICATION FOR RENEWAL OF BROKING LICENCE
RENEWAL OF LICENCE : REGULATION NO.18(1) - APPLICATION FOR RENEWAL TO REACH I.R.D.A.
30 (THIRTY) DAYS PRIOR TO EXPIRY OF LICENCE. FOR EXAMPLE, IF THE LICENCE IS FOR 3 YEARS FROM 1.6.2006 TO 31.5.2009, APPLICATION FOR RENEWAL TO REACH I.R.D.A. BEFORE 30.4.2009.
REGULATION NO.18(3)
- TRAINING REQUIREMENTS TO BE COMPLIED FOR RENEWAL
INSURANCE BROKER SHOULD HAVE COMPLETED AT-LEAST 25 HOURS OF THEORETICAL & PRACTICAL TRAINING BEFORE SEEKING RENEWAL OF LICENCE
REGULATION NO.13 -
PROFESSIONAL INDEMNITY INSURANCE COVER TO BE OBTAINED & MAINTAINED
AS SOON AS THE I.R.D.A. LICENCE IS OBTAINED AND TO BE MAINTAINED THROUGHOUT THE LICENCE PERIOD. IN SOME CASES, I.R.D.A. ALLOWS TWELVE MONTHS FROM DATE OF ISSUENCE OF LICENSE.
REGULATION NO.29(2) -
SUBMISSION OF AUDITED FINANCIAL STATEMENTS VIZ. B/SHEET, P & L A/C. , CASH/FUND FLOW STATEMENT, ETC.
BEFORE 30TH JUNE OF THE FOLLOWING F.Y.
REGULATION NO.29(3) -
RECTIFICATION OF DEFICIENCIES MADE OUT IN AUDITOR ? REPORT TO BE FURNISHED TO I.R.D.A.
WITHIN 90 DAYS FROM THE DATE OF THE AUDITOR?? REPORT, I.E.
IF THE AUDITOR REPORT IS DATED 15TH JUNE, RECTIFICATION TO BE DONE & INFORMED TO IRDA BEFORE 15TH SEPTEMBER
REGULATION NO. 30 - SUBMISSION OF HALF-YEARLY UNAUDITED FINANCIAL STATEMENTS TO I.R.D.A.
BEFORE 31ST OCTOBER FOR HALF-YEAR FROM APRIL TO SEPTEMBER; AND
BEFORE 30TH APRIL FOR HALF-YEAR FROM OCTOBER TO MARCH.
DISCLOSURE TO I.R.D.A.
UNDER REG. NO.30
WITHIN 30 DAYS OF I.R.D.A. REQUISITION
TIME-FRAME FOR COMMENCEMENT OF INS. BROKING BUSINESS
WITHIN SIX MONTHS OF BEING GRANTED A LICENSE BY I.R.D.A.
REGULATION NO.45(2) :
I.R.D.A. SHOW CAUSE NOTICE TO BE REPLIED
WITHIN 21 (TWENTY-ONE) DAYS OF RECEIPT OF SHOW CAUSE NOTICE BY INSCE. BROKER

All members are requested to adhere to the I.R.D.A. regulations regarding Principal officer as per regulation no.18(03) as well as i.r.d.a. circular ref.irda/bro/36/aug-04 dated 18th august 2004, chiefly the following aspects :-
Principal officer should have minimum prescribed qualification and should have passed brokers examination conducted by a body recognised by the I.R.D.A.
Principal officer post is a full-time post and cannot be kept vacant.
Any change in the position of the principal officer should be brought to the notice of the I.R.D.A. without loss of time, giving reasons for the change, enclosing a copy of appointment order of new principal officer within the ambit of I.R.D.A. regulations, etc.


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