insurance intermediaries notes

insurance intermediaries should also alert customers about their cooling-off rights. Issue direction for winding up the insurer or intermediary or insurance intermediary, as the case maybe. 0000000949 00000 n On November 23, 2020, the Insurance Regulatory and Development Authority of India ("IRDAI") exercising its power under Sections 33(7) and 114A(2)(j) of the Insurance Act, 1938 ("Act") read with Sections 14 and 26 of Insurance Regulatory and Development Authority Act of India, 1999 ("IRDAI Act") notified the IRDAI (Minimum Information Required for Investigation and Inspection) Regulations, 2020 ("Notification")[1]. The Notification attempts to bridge the gap that was making the investigations suffer due to lack of information and supporting documents being made available to investigating officers for conducting enquiries. ACTUARIES OF INSURANCE 9. The insurer, intermediary, and insurance intermediary shall have to implement an "appropriate policy" on maintenance of records and destruction of old records[7]. Circulars and Notes for Information; Financial Institutions; Main Legislation & Subsidiary Legislation; Related Legislation; Regulation; Circulars and Notes for Information (Re)insurance; Main Legislation & Subsidiary Legislation; Related Legislation; Regulation; Supervisory Disclosure; Circulars and Notes for Information; Insurance Intermediaries It mandates that every insurer shall maintain record in respect of any payment made to an employee or other person on account of travelling expenses. In the banking & insurance sector, digital transformation is making two major changes. Meaning of Intermediaries: Intermediaries are an individual or a company that behaves as a middleman between parties for an investment deal, business deal, negotiation, insurance, etc. 0000001029 00000 n These are commonly known as a consultant or a broker and are specialised in one specific area having all … It mandates that every intermediary or insurance intermediary shall maintain records with respect to the organization and its activities including correspondences with Government and Tax Authorities. IIA Investment Intermediaries Act 1995. General insurance intermediaries are Australian financial services licensees that are authorised under the Corporations Act 2001 to deal in general insurance products. THE REGULATION OF INTERMEDIARIES : Agents Brokers Insurance intermediaries act 1999(No 31 of 1999) 7. Reprints notes. The Notification is divided into 3 (three) parts: Part I – Provisions applicable to all Insurers. While care has been taken in the preparation of the Study Notes, errors or omissions may still be inevitable. Section 33(1) of the Act empowers IRDAI, if it considers expedient to do so, to direct an investigating officer to investigate the affairs of any insurer or intermediary or insurance intermediary and to submit its report on the investigation made. It mandates that every insurer shall obtain and maintain receipt for every payment made and issue receipt for every payment received. It mandates that every insurer shall maintain ledgers of all such accounts required under the Notification. Insurance Agents and Brokers Association, and Federation of Macau Professional Insurance Intermediaries for their valuable advice and assistance in the preparation of these Notes. 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