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Our Bureau

Hyderabad , April 18

THE Insurance Regulatory and Development Authority (IRDA) has decided to revoke the suspension imposed on the Mumbai-based direct insurance broker Avani Insurance Services Pvt Ltd.

The regulator had suspended the company's broking licence last May on account of the broker selling its entire shareholding to Berger Paints India Ltd without the approval of the Authority.

Subsequently, the Avani Insurance promoters approached the Authority along with the new shareholders and sought the revival of the insurance broker licence.

As against Berger Paints fully owning the stake, Principal Group, Punjab National Bank and Vijaya Bank have now acquired holdings in the broking company.

Following the change in shareholders, they also sought IRDA's approval to change the name of the broking company from Avani Insurance to PNB Principal Insurance Advisory Company Pvt Ltd, to reflect the changes in the broking company after its takeover.

Accordingly, IRDA had approved the name change to PNB Principal Insurance Advisory Company Pvt Ltd.

On processing the application and examining the issue, the regulator was satisfied that the broking company had fulfilled the requirements for the conduct of broking operation as stipulated under the IRDA (Insurance Brokers) Regulations, 2002.

In an announcement, the IRDA Member, Mr Mathew Verghese, said that after considering all the relevant facts, the regulator had decided to revoke the suspension on the broking company and permitted the company, now known as PNB Principal Insurance Advisory Co Pvt Ltd, to carry on normal activities as a direct insurance broker with immediate effect.

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