The Insurance Regulatory and Development Authority (IRDA) is set to overhaul the insurance brokerage soon.
It has constituted a committee headed by Suresh Mathur, Senior Joint Director, IRDA, to review the entire insurance brokers’ regulations, 2002.
“`Since a decade is passed after the notification of regulations, it is felt to review the existing practice,’’ T.S. Vijayan, Chairman, IRDA, said in an order.
There is also a need to evolve a standardised process to assess the gravity of violation (of norms) and imposition of appropriate penalties while processing the renewal of insurance broker licences, he added.
As of today, there are 345 insurance brokers who were issued licence by the regulator. The licence is valid for three years from the date of issue.
The committee would submit its report on or before April 30, 2013.