The IRDA (Insurance Regulatory and Development Authority) has cancelled the license of New Delhi-based Iksita Insurance Brokers Pvt Ltd to act as a direct broker in both life and general insurance.
In November 2010, Iksita Insurance Brokers in an official letter had communicated to IRDA that it wanted to discontinue as direct insurance broker.
Iksita Insurance had given an undertaking to service existing contracts and make suitable arrangements with another licensed broker for future servicing as required under Regulation 40 of the IRDA Insurance Brokers Regulations 2002.
Iksita Insurance was given license by the IRDA to work as a direct broker in both life and general insurance in September 2003. The license was renewed till September 2009 by the regulator. On 11 November 2010, Iksita Insurance in an official letter communicated to IRDA that it wanted to discontinue as direct insurance broker.
Iksita Insurance surrendered its original license along with all other requirements. Hence, according to the request made by the broker for surrender of broker license, IRDA has cancelled the direct broker license of Iksita Insurance.