IRDA cancels licence of Karvy Insurance Broking

India Infoline News Service | Mumbai |

Hyderabad-based Karvy had been granted license by IRDA to act as a Direct Broker in January 2011 for three years

The IRDA (Insurance Regulatory and Development Authority) has the Direct Broker License granted to Karvy Insurance Broking Ltd on 8th August.

Hyderabad-based Karvy had been granted license by the Authority to act as a Direct Broker in January 2011 for three years pursuant to the provisions of the IRDA (Insurance Brokers) Regulations, 2002.

The Broker vide letter dated 12th June, 2012 communicated to the Authority that the Board of Directors of the Company have decided to cease operations immediately as a Direct Insurance Broker and surrender licence to the Authority for cancellation, IRDA said in the order on 8th August.

The Broker has given an undertaking vide letter dated 3rd July, 2013 to service the existing clients whose policies are in force for a period of six months from date of cancellation of license as required under Regulation 40 of the IRDA (Insurance Brokers) Regulations, 2002 within which it shall make suitable arrangements with another licensed broker to service the contracts already concluded, it added.

Therefore, pursuant to the request made by the Broker for surrender of Broker license, the Authority hereby cancels the Direct Broker License No.288 granted to M/s Karvy Insurance Broking Limited.

This has approval of the Competent Authority, the circular concluded.
 

Advertisements

  • Save upto Rs.2.67 lakh with Pradhan Mantri Awas Yojana ...Know more
  • Now Save Rs.3150 on your Demat Account ...Click here
  • Now get IIFL Personal Loan in just 8* hours...APPLY NOW!
  • Get the most detailed result analysis on the web - Real Fast!
  • Actionable & Award-Winning Research on 500 Listed Indian Companies.