IRDA has, vide a circular[1] dated June 28, 2010, specified additional guidelines for issuance and renewal of corporate agency. The additional conditions are as follows:
a) All insurance companies are required to fill and send a Checklist-cum-Certification Form (“Checklist”) to the IRDA, in respect of all fresh corporate licenses and the renewals of existing licenses. The Checklist format has been specified by the IRDA in the above circular.
b) The Checklist is required to be signed by the Corporate Compliance Officer of the insurance company (also designated as the Corporate Designated Person of the insurer).
c) The scanned copy (in .pdf document) of the Checklist is required to be emailed for processing to the IRDA at corp.agent@irda.gov.in.
d) The relevant supporting documents in respect of the Checklist are required to be maintained at the Corporate/ Head Office of the insurance company. Such documents shall also be made available to the IRDA as and when required for inspection.
e) The IRDA shall intimate its decision of approval or otherwise within seven working days of the receipt of the Checklist.
f) The Corporate Designated Person shall issue any fresh corporate agency license or renew an existing license only after obtaining the prior approval of the IRDA.
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