- M/s Choice Insurance Brokers Private Limited (the applicant entity) had submitted an application dated 15.02.2010 (the application) under the provisions of IRDA (Insurance Brokers) Regulations, 2002 (the Brokers Regulations) seeking a license to act as a Direct Broker.
- The Insurance Regulatory & Development Authority (the Authority) had sought further information through the following references :
- Reference No. IRDA/DB 467/2010 dated 26.09.2011.
- Reference No.IRDA/DB a467/2010 dated 01.02.2012.
- The applicant entity failed to provide the additional information sought by the Authority. A last opportunity to furnish full information as sought in references sent by the Authority was given vide Reference No.IRDA/DB 467/MK/01/12 dated 20.07.2012.
- The applicant entity has not responded even to this reference so far.
- In view of the above, the Authority is of view that the applicant entity is not interested any further in taking up its application seeking a license to act as a Direct Broker.
- Whereas, the Authority in its letter Reference No.IRDA/DB 467/MK/01/12 dated 20.07.2012 also intimated the applicant entity that in case it failed to submit the additional information needed to complete its application, the Authority, in terms of Regulation 7 of the Brokers Regulations, will be constrained to reject the application submitted by it without any further notice.
- Whereas the Authority is yet to receive any response from the applicant entity to its letter Reference No.IRDA/DB 467/MK/01/12 dated 20.07.2012.
- Hence, the Authority, in exercise of the powers vested with it, in terms of Regulation 7 of the Brokers Regulations, hereby rejects the application submitted by the applicant entity.
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Dated 23.11.2012
Place : Hyderabad
Sd/- J. Hari Narayan
Chairman
