NOTIFICATION F.NO. IRDA/REG.3/40/2007, DATED 8-10-2007

Insurance Regulatory and Development Authority (Licensing of Insurance Agents) (Amendment) Regulations, 2007 - Amendments in regulation 5

NOTIFICATION F.NO. IRDA/REG.3/40/2007, DATED 8-10-2007

In exercise of the powers conferred by section 42 and section 42D and clauses (k), (l), (m),  (o) and (p) of sub-section (2) of section 114A of the Insurance Act, 1938 (4 of 1938), the Authori­ty, in consultation with the Insurance Advisory Committee, in consultation with the Insurance Advisory Committee, hereby makes the following regulations to amend the Insurance Regulatory and Development Authority (Licensing of Corporate Agents) Regula­tions, 2002, namely :—

1. (1)    These regulations may be called the Insurance Regulatory and Development Authority (Licensing of Insurance Agents) (Amendment) Regulations, 2007.

  (2)  They shall come into force with effect from 1st Novem­ber, 2007.

   2.  In the Insurance Regulatory and Development Authority (Licensing of Corporate Agents) Regulations, 2002—

           (i)  In sub-regulation (1) of Regulation 5, the words, “one hundred hours” and “three to four weeks” shall be substituted by the words “fifty hours” and “one to two weeks” respectively.

          (ii)  In the proviso to sub-regulation (1) of Regulation 5, the words, “one hundred fifty hours” and “six to eight weeks” shall be substituted by the words, “seventy five hours” and “two to three weeks” respectively.

         (iii)  In sub-regulation (2) of Regulation 5, the words, “fifty hours” shall be substituted by the words, “twenty five hours”.

         (iv)  In the proviso to sub-regulation (2) of Regulation 5, the words, “seventy hours” shall be substituted by the words, “thirty five hours”.

          (v)  In sub-regulation (3) of Regulation 5, the words “not less than 100 hours”, “not less than 150 hours” and “completed fifty hours” shall be substituted by the words, “not less than 50 hours”, “not less than 75 hours” and “completed twenty five hours” respectively.

         (vi)  In the proviso to sub-regulation (3) of Regulation 5, the words, “seventy hours” shall be substituted by the words “thirty five hours”.