Whereas M/S AMBIT INSURANCE BROKING & ADVISORY PVT LETD. (hereinafter referred to as the Broker), having its Registered Office at Ambit House, 449, Senapati Bapat Marg, Lower Parel, Mumbai 40001 has been granted license by the Authority to act as a Direct Broker vide License No.374 w.e.f. 6.5.2008 for a period of three years pursuant to the provisions of the IRDA (Insurance Brokers) Regulations, 2012.
Whereas the Broker vide letter dated 30th March,2011 submitted their application for renewal of direct broking license to the Authority in response to which the Authority raised certain queries vide letter dated 2.5.2011.
Whereas the Broker vide letter dated 1st February, 2012 communicated to the authority that the Board of Directors of the Company have decided to cease operations immediately as a Direct Insurance Broker and surrender licence to the Authority for cancellation.
Whereas the Broker vide letter dated 1stFebruary, 2012 submitted the original license No.374.
Whereas the Broker has given an undertaking vide letter dated 5th March, 2012 to service the existing clients whose policies are in force for a period of six months from date of cancellation of license as required under Regulation 40 of the IRDA (Insurance Brokers)Regulations, 2002a within which it shall make suitable arrangements with another licensed broker to service the contracts already concluded.
Now therefore pursuant to the request made by the Broker for surrender of Broker license, the Authority hereby cancels the Direct Broker License no.374 granted to M/s Ambit Insurance Broking & Advisory Pvt Ltd.
This has approval of the Competent Authority.
