Financial Daily from THE HINDU group of publications
Wednesday, Jan 30, 2002
Financial Daily from THE HINDU group of publications Wednesday, Jan 30, 2002 |
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Money & Banking
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General Insurance Insurance brokers set to return; await licences Our Bureau
MUMBAI, Jan. 29 INSURANCE brokers are awaiting the issue of licences in order to take advantage of the opportunities arising in general insurance. According to the recently formed Insurance Brokers' Association of India (IBAI), the Insurance Regulatory and Development Authority (IRDA) had formulated draft guidelines for brokers, which would be enforced once the Insurance Act was amended. According to the draft guidelines, brokers should have a minimum paid-up capital of Rs 25 lakh in order to enter direct broking business, and Rs 1 crore for entering reinsurance broking business. The President of the IBAI, Mr Bharat J. Boda, told presspersons the IRDA had granted official recognition to the association.
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