IRDA Licence Renewal Process

Hi I would like to have the procedure to be followed for the lincence issued by IRDA?

[Rajkumar Agarwal]

IRDA is the acronym for the Insurance Regulatory and Development Authority of India. It is the zenith body that administers the protection business in India.

IRDA's central goal is to secure the interests of the policyholders, to control, advance and guarantee efficient development of the protection business and for matters associated therewith or coincidental thereto.

IRDA License: How to Apply?

Subsequent to clearing the IRDA exam, fill the application form to get the permit

Expenses for application frame for permit Rs. 250/ -

Subsequent to filling the frame, the permit will be gotten inside a traverse of 4 days

Permit legitimacy is 3 years

After the expiry date the permit must be re-established

Each permit contains an office code

It is a legitimized permit to individuals who need to begin their profession in the protection field.

Issue or renewal of Licence. - -

(1) A man seeking to acquire or recharge a permit (hereinafter alluded to as "the candidate") to go about as a protection specialist or a composite protection operator might continue as takes after:-

(a) the candidate should make an application to an assigned individual -

(i) in Form IRDA-Agents-VA, if the candidate is a person;

(ii) in Form IRDA-Agents-VC, if the candidate is a firm or an organization:

Given that the candidate, who goals to be a composite protection operator, might make two separate applications.

(b) The charges payable by the candidate to the Authority should be as determined in Regulation 7.

(2) The assigned individual may, on receipt of the application alongside the proof of installment of charges to the Authority, and on being fulfilled that the candidate, -

(i) has the capabilities as determined under Regulation 4;

(ii) has the down to earth preparing as determined under Regulation 5;

(iii) has passed the examination as indicated under Regulation 6;

(iv) has outfitted the application finish in all regards;

(v) has the essential information to request and obtain protection business; and

(vi) is equipped for giving the fundamental support of the policyholders;

Grant or recharge, all things considered, a permit in Form IRDA-Agents-VB, alongside personality card in Form IRDA-Agents-VZ:

Given that on account of a corporate operator, the personality card should be in Form IRDA-Agent-VY.

Given further that such character card from one life guarantor and such personality card from one general safety net provider should be given to the candidate looking for permit to go about as a composite protection operator.

Given further that on account of a firm or an organization, the greater part of its accomplices or executives, all things considered, might satisfy the necessities of sub-provisions (i) to (iii).

Given further a permit issued as per this direction might qualifies the candidate for go about as protection specialist for one life back up plan or one general safety net provider or both, by and large.

(3) If the assigned individual declines to concede or re-establish a permit under this direction, he should give the reasons therefore to the candidate.