As part of automation of various activities of IRDAI, a web based system is now available for obtaining prior approval and intimation regarding governance issues of Insurance Broking Companies at the following link: http://www.irdabap.org.in.
The correspondence already received by the department will be processed manually and henceforth all information/prior approval for changes during license period shall be accepted through online mode.
There is also a provision for payment of renewal and annual fees through the above portal. The Authority also reaffirms to all the Brokers that submission of application for licensing of new brokers and submission of applications for renewal of registrations shall be accepted through on-line mode.
The two broad categories of governance as per regulations are:-
A) For prior approval
B) For information
Given below are the items and the relevant documents/information required to be submitted for consideration of the Authority in case prior approval of the Authority is required: –
1. Change of Principal Officer – Annexure 1
2. Change in Director(s)/Partner(s) – Annexure 2 and 3
3. Change in name of the company – Annexure 4
4. Change in place of corporate/registered office/principal place of business – Annexure 5
5. Change in shareholding pattern [when the transfer is exceeding 5% of the total paid up capital] – Regulation 10 and Annexure VII of IRDA (Insurance Brokers) Regulations, 2013. Also refer to Circular No. IRDA/BRK/Misc/Cir/121/05/2014 dt.01.05.2014.
6. Voluntary surrender of license – Regulation 46 and Annexure VIII of IRDA (Insurance Brokers) Regulations, 2013.
7. Removal of lien on FD after making fresh FD.
Given below are the items when the Authority needs to be informed: –
1. Opening/Closing of branch offices
2. List of broker qualified persons
3. In respect of a claim under the professional indemnity policy
4. Acquiring of immovable property
5. Change in shareholding pattern (when the transfer is not exceeding 5% of the total paid up capital)
The user manual and video demo of the governance process has also been made available which can be accessed on logging in to the portal.
It may be noted that in BAP module the following items has been classified under the “For information” category: –
1. Change of registered office
2. Induction of new directors / cessation of existing directors
3. Change in principal officer
Please note that for the above items ‘prior approval’ of the Authority is necessary and all the steps/documents as given in Annexure to this communication are attached along with the request for change.
A helpline system has been setup for this purpose and the queries will be attended by the team on priority basis.
Insurance Brokers are advised to ensure that there are adequate manual controls and validations in order to ensure that the data submitted through the system in factually correct.
