PAYMENT
OF APPLICATION FEE AT THE TIME OF
APPLICATION OF LICENCE - REGULATION
NO.18 & SCHEDULE II(1)(a).
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PAYABLE
AT THE TIME OF APPLICATION FOR LICENCE
UNDER REGULATION NO.11
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ANNUAL
LICENCE FEE IS PAYABLE ANNUALLY -
REGULATION NO.18 & SCHEDULE II(2)
-LICENCE RENEWAL FEE
|
PAYABLE
BEFORE EXPIRY OF 15 DAYS FROM THE
FINALAZATION OF ANNUAL AUDITED ACCOUNTS
OF THE BROKER OR TILL THE 30TH SEPTEMBER
WHICH EVER IS EARLIER.
PAYABLE ALONG WITH APPLICATION FOR
RENEWAL OF BROKING LICENCE
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RENEWAL
OF LICENCE : REGULATION NO.13(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.13(2)
-
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.24 -
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 FIFTEEN MONTHS FROM THE COMMENCEMENT
OF ORIGINAL LICENCE TO OBTAIN P.I.
COVER
|
REGULATION
NO.25(2) -
SUBMISSION
OF AUDITED FINANCIAL STATEMENTS VIZ.
B/SHEET, P & L A/C. , CASH/FUND
FLOW STATEMENT, ETC.
|
WITHIN
90 DAYS FROM CLOSE OF FINANCIAL YEAR,
I.E. BEFORE 30TH JUNE OF THE FOLLOWING
F.Y.
|
REGULATION
NO.25(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. 26 - 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.28
|
WITHIN
30 DAYS OF I.R.D.A. REQUISITION
|
REGULATION
NO.35(d):
TIME-FRAME FOR COMMENCEMENT OF INS.
BROKING BUSINESS
|
WITHIN
SIX MONTHS OF BEING GRANTED A LICENCE
BY I.R.D.A.
|
REGULATION
NO.38(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.9(f) 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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