IRDA rejects application of MS S K INSURANCE BROKING LTD

ORDER IN RESPECT OF M/S, S. K. INSURANCE BROKING LIMITED, IRDA/BRK/MISC/ORD/005/01/2013,  DT: 07.01.2013

 

 

1. M/s, S. K. Insurance Broking Limited (the applicant entity) had submitted an application dated 18.03.2011 (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 Nil dated 05.04.2011
• Reference No.IRDA/DB/497/2011 dated 28.07.2011
• Reference No. IRDA/DB/497/2011 dated 01.02/2012

1. 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/ 497/MK/02/12 dated 27.11.2012.
2. Since, the letter reference no.IRDA/DB/497/MK/01/12 dated 07.11.2012 returned undelivered; another attempt of delivering the said letter was made by sending it under over of letter Reference no.IRDA/DB/497/MK/02/12 dated 237.11.2012
3. The applicant entity has not responded even to this reference so far.
4. In view of the above, the Authority is of view that the applicant entity is not interested any further in taking up its applicant seeking a license to act as a Direct Broker.
5. Whereas, the Authority in its letter Reference No.IRDA/DB/ 497/  MK/01/12 dated 07.11.2012 also intimated the applicant entity that in case it failed to submit the additional information needed to complete its application within two weeks of receipt, 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.
6. Whereas, the Authority is yet to receive any response from the Applicant entity to its letter Reference No.IRDA/DB/497/MK /01/12 dated 07.11.2012.
7. Hence the Authority, in exercise of the powers vested with it in terms of Regulation 7 of the Brokers Regulations, hereby rejects the applications submitted by the applicant entity.

 

Sd/- J. Hari Narayan

Chairman