Financial Daily from THE HINDU group of publications
Friday, Jun 18, 2004
Financial Daily from THE HINDU group of publications Friday, Jun 18, 2004 |
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Money & Banking
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Regulatory Bodies & Rulings Mass Insurance Brokers' licence suspended Our Bureau
Hyderabad , June 17 THE Insurance Regulatory and Development Authority (IRDA) has suspended the licence of Mass Insurance Brokers Pvt. Ltd, the Noida-based direct broking (non-life) firm, for its failure to comply with the regulations pertaining to disclosures. "They will not be entitled to payment of any remuneration for the insurance broking activities carried out with effect from June 8," the IRDA Member, Mr Mathew Verghese, informed the industry participants through a communiqué dated June 8. In terms of Regulation 26 of IRDA (Insurance Brokers) Regulations, 2002, every insurance broker should furnish half-yearly unaudited financial statement before October 31 and April 30 each year. The IRDA informed the broker during January about its non-compliance with the above regulation and directed it to submit its unaudited half yearly accounts as on September 30, 2003, within 15 days from the date of receipt of the letter. With no response forthcoming, during April third week it also served a show-cause notice. The IRDA sources said the broker was directed to acknowledge receipt of the notice and confirm suspension of all insurance broking activities with immediate effect.
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