IRDA rejects application of MS ARROW INSURANCE BROKERS PVT LTd

ORDER  IN RESPECT OF M/S ARROW INSURANCE BROKERS PRIVATE LIMITED IRDA/BRK/MISC.ORD/004/01/2013/Dt.7.1.2013

 

 

1. M/s Arrow Insurance Brokers Private Limited (the applicant entity) had submitted an application dated 02.03.20010 (the application) under the provisions of IRDA (Insurance Brokers Regulations, 2002), the (Brokers regulations) seeking a license to act as a Direct Broker.
2. The Insurance Regulatory & Development Authority (the Authority) had sought further information through the following references Reference No.IRDA/DB/471/10 dated 21/12/2011.
3. 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/471/MK/02/12 dated 27.11.2012.
4. Since the letter Reference No.IRDA/DB/471.MK.01/12 dated 07.11.2012 returned undelivered; another attempt of delivering the said letter was made by sending it under cover of letter Reference No.IRD/DB/471/MK/02/12 dated 27.11.2012.
5. The applicant entity has not responded even to the reference so far
6. 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.
7. Whereas, the authority in its letter  Reference No.IRDA/DB/ 471/ MK/01/12 dated 07.11.2012 also intimated the applicant entity that in case of failed to submit the additional information needed to complete its application within two weeks of receipt the Authority terms of Regulation 7 of the Brokers Regulations, will be constrained to reject the application submitted by it without any further notice.
8. Whereas, the Authority is yet to receive any response from the applicant entity to its letter Reference No.IRDA/DB/471/ MK/ 01/12 dt. 7.11.2012.
9. Hence the authority in exercise of the powers vested with it, in terms of regulations 7 of the Brokers Regulation, hereby rejects the applications submitted by the applicant entity.

 

Sd/ J. Hari Narayan

Chairman